SignificantEconomyAxios·Axios

Iran war shows China role in setting the price of oil

China's General Administration of Customs data shows Chinese crude oil imports fell over 40% from the previous year through June. This reduction in demand by the world's largest buyer helped prevent widespread oil price spikes following the conflict in Iran.

Impact Score

7/10

Thursday, July 30, 2026 at 05:15 AM EDT

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