How China Changed the Oil Market—and the Iran War

Javier Blas, Bloomberg Opinion’s energy and commodities columnist, joins Jake Sullivan and Jon Finer to explain why the Iran war has produced an oil market few expected: crude prices hovering around $100 a barrel while tankers are braving missile attacks, and sharper pain for people buying diesel, jet fuel, and heating oil. How has China’s retreat from the oil market changed the pressure on Washington and Tehran? Why are some traders reluctant to bet on higher prices even when they fear escalation? And how long can the improvised system keeping oil moving through the Strait of Hormuz hold together? Access to video versions of exclusive podcast segments, transcripts, and more on Substack: https://thelonggame.substack.com/ Watch the video version of this episode on YouTube: https://www.youtube.com/@podlonggame Email Jake and Jon at longgame@voxmedia.com. Follow The Long Game so you never miss an episode. New episodes drop weekly. The Long Game is produced by the Vox Media Podcast Network. Photo credit: Patrick T. Fallon / AFP via Getty Images Learn more about your ad choices. Visit podcastchoices.com/adchoices