Trump Credits China with Stabilizing Oil Prices Amid Iran Conflict

When President Donald Trump launched his war against Iran in February, energy analysts predicted oil prices could more than double during a protracted conflict.

The war grinds on and oil prices remain volatile, but the most dire projections have not yet come to pass six months into a conflict with no end in sight.

Chinese President Xi Jinping's energy strategy may be credited for keeping oil prices from reaching their worst-case levels. China has the world's largest oil stockpile, built over years and billions of dollars, allowing it to dramatically cut crude imports once the US and Israel began their bombardment.

China's stockpiles helped soften global demand, easing price effects for the United States, Europe, and beyond.