China's energy security under strain from Iran war

Chinese state tankers avoid Strait of Hormuz and Bab al-Mandab, shifting to ship-to-ship transfers off Oman and Fujairah. NIOC faces $80B debt and rial collapse, indicating maximum pressure is working. China's fuel exports edge back towards pre-crisis levels, signaling balancing act between domestic supply and global market role. This directly impacts China's energy security and crude costs.