The Iran War Revealed China Has a New Oil Weapon

The content discusses the ongoing conflict in the Middle East, which has intensified oil and gas supply issues over five months. Initial fears projected oil prices might soar to $200 a barrel, potentially triggering a global recession, but prices remained stable around $100. The piece features a discussion between Akshat Rathi and Bloomberg columnist Javier Blas, focusing on the reasons behind the resilience of oil prices and the implications for energy politics.

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Sinopec storage tanks at the container terminal in Hong Kong.

Sinopec storage tanks at the container terminal in Hong Kong. Photographer: Lam Yik/Bloomberg

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By Akshat Rathi and Oscar Boyd

August 6, 2026 at 4:01 AM UTC

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The Middle East conflict is now in its fifth month, deepening the oil and gas supply shock. Early in the war, analysts worried that the oil price would rise to $200 a barrel, causing a global recession and widespread panic, but that didn’t happen.

This week on Zero, Akshat Rathi is joined by Bloomberg Opinion columnist Javier Blas to discuss why oil prices stayed around $100 per barrel and why the war is the start of a new paradigm in energy politics.

Read Original at Bloomberg.com →