From Seattletimes · · 1m 40s
Oil Prices High But Could Be Worse
Trump blames China’s Xi for oil prices not spiking after Iran war.
In brief
Trump blames China’s Xi for oil prices not spiking after Iran war. Trump’s Iran war with oil prices volatile but China’s oil stockpiles helped keep prices lower than feared. Originally reported by Seattletimes.
Oil prices volatile
Oil prices remain volatile six months into Trump’s Iran war but have not doubled as analysts warned.
Trump blames China’s Xi
Trump claims China’s oil stockpiles helped keep prices from spiking higher than feared during the Iran conflict.
China’s oil stockpiles
China built the world’s largest oil stockpile of 1.4 billion barrels by the end of last year to protect against supply risks.
China cuts oil imports
China reduced crude imports by 32% to 8.1 million barrels per day after the Iran war began.
China’s strategic reserve
China’s strategic petroleum reserve helped weather the oil price volatility caused by the Iran conflict.
Oil prices at $100
Brent crude prices currently hover around $100 per barrel after peaking at $126 in late April.
Iran-backed attacks
Iran-backed militias attacked Saudi Arabia’s pipeline and seized strategic islands in the Red Sea.
Trump meets Gulf leaders
Trump will meet Gulf Cooperation Council leaders in New York before his China visit next week.
China’s oil strategy
China’s oil self-reliance strategy helped keep global oil prices lower than feared during the Iran conflict.
Trump’s oil price claims
Trump predicted oil prices would plummet after the Iran war but prices remain high.
China’s stockpile impact
China’s oil stockpiles helped keep prices from spiking higher than feared during the Iran conflict.
The bottom line
Trump’s Iran war with oil prices volatile but China’s oil stockpiles helped keep prices lower than feared.
