# Oil Prices High But Could Be Worse

> Trump blames China’s Xi for oil prices not spiking after Iran war.
- Title: Oil Prices High But Could Be Worse · Seattletimes | Shortify
- Summary: 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…
- Keywords: oil prices, trump, iran, strategic petroleum reserve, brent crude, gulf cooperation council, strait of hormuz, iran-backed militias, chinese oil imports, u.s. energy information administration, brent crude prices, Oil
- Source: Seattletimes — https://seattletimes.com/business/oil-prices-are-high-but-could-be-much-worse-trump-has-chinas-xi-to-thank-for-that
- Read time: 1 min
- Topics: oil prices, trump, xi, iran, strategic petroleum reserve, brent crude, gulf cooperation council, strait of hormuz, iran-backed militias, chinese oil imports, u.s. energy information administration, brent crude prices
## 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.
## Key takeaway

Trump’s Iran war with oil prices volatile but China’s oil stockpiles helped keep prices lower than feared.