While the World Scrambles for Oil, China Sits on Full Tanks

The war and Iran’s ensuing blockade of the Strait of Hormuz choked off shipments and prompted production cuts in key oil-producing countries including Iraq, shaking world energy markets.

India's crude oil imports from Russia climbed sharply in June as refiners increased purchases ahead of the full recovery of supplies from Gulf producers following the reopening of the Strait of Hormuz.