How China’s ‘teapot’ refineries are cushioning it from Iran war oil crisis

Iran's paralysis of the Strait of Hormuz is disrupting global oil markets as the US-Israeli war on Iran enters its second month. Brent crude prices surged about 5% to $106.16 per barrel, while China appears to have largely insulated itself from this oil crisis. Many countries are tapping into their strategic oil reserves to mitigate the effects of this economic crisis.