The Great Chinese Oil Mystery

When Iran shut down the Strait of Hormuz, experts warned that oil prices could hit $150 or $200 a barrel within a few weeks. The great mystery of the Iran war is why that hasn’t happened—why, nearly five months later, oil prices have scarcely surpassed $100, even as countries around the world have been forced to dip into their oil reserves. Now an explanation seems to be emerging: China. Before the war, China, by far the world’s largest oil importer, was buying more barrels than the entire…