The Strait of Hormuz blockade is as much about China as Iran
Javier Blas writes: Over the past decade, China has built the world’s largest oil emergency stockpile — a multi-layered cache of strategic and commercial reserves with more than a billion barrels. Washington probably hopes that Beijing will convince Iran to soften its demands at the negotiating table, as it has done previously: In 2023, it brokered a deal between Saudi Arabia and Iran. But most of the leverage Beijing had over Tehran rested on the money it was paying for…