'Saved the day': How China helped keep the lid on oil price surge as Iran war disrupted supplies

SHENZHEN, CHINA - AUGUST 30: A Chinese national flag flies from a vessel in front of the MSC Claire container ship berthed beneath gantry cranes at Yantian Port on August 30, 2026, in Shenzhen, Guangdong Province, China. China is set to release its latest official manufacturing purchasing managers' index as investors assess the outlook for factory activity, domestic demand and exports amid persistent pressure on the world's second-largest economy. (Photo by Cheng Xin/Getty Images)Cheng Xin | Getty Images News | Getty ImagesChina's years of stockpiling of crude and subsequent pullback on oil purchases since the Middle East war erupted in late February helped the world avoid a far deeper energy crisis. But that buffer may face a test as Beijing shows signs of resuming purchases, according to economists."China kind of saved the day," and helped the world avoid the "doomsday scenario" when the Strait of Hormuz closure choked off 20% of global energy supply, Paul Gruenwald, global chief economist at S&P Global Ratings, said at a conference in Singapore on Thursday. The world's largest oil buyer has slashed its imports after the war broke out, tapping into its stockpiles, keeping a l...