China steps in as Iran war drains US oil reserves to 40-year low

As Donald Trump’s Iran war drags on and hostilities continue in the Strait of Hormuz and Red Sea, global energy markets are being reshaped - not by OPEC or the US, but by China. On today’s episode of Iran: the Latest, Venetia Rainey talks to world economy editor Ambrose Evans-Pritchard about how Beijing has weaponised its internal oil demand to keep oil prices stable and bypass Saudi Arabia, even as US Strategic Petroleum Reserves have plunged to their lowest level since 1983. Why have oil prices remained largely stable and are those figures masking underlying economic turmoil?Plus: how the blockade of the Strait of Hormuz is pushing Iraq to the brink of total economic collapse and the worrying news of a recent Pew Survey measuring attitudes towards the US vs China. HighlightsIran war drains US strategic petroleum reserves to 40-year lowHow Beijing has kept oil prices stable and bypassed Saudi ArabiaCONTRIBUTORS:Venetia Rainey, co-host and executive producer @venetiaraineyAmbrose Evans-Pritchard, world economy editor WATCH US ON YOUTUBE: https://www.youtube.com/playlist?list=PLJnf_DDTfIVAif-vifC6F2aoPB8GIw6dkCONTENT REFERENCED:Ambrose Evans-Pritchard: Trump’s eternal March of Folly on Iranhttps://www.telegraph.co.uk/business/2026/07/31/trumps-eternal-march-of-folly-on-iran/Trump targets Iran’s economy as military campaign faltershttps://www.telegraph.co.uk/us/politics/2026/08/12/trump-scott-bessent-end-iran-war/Iran war threatens to cripple growth, Treasury warns Burnhamhttps://www.telegraph.co.uk/business/2026/08/12/iran-war-threatens-to-cripple-growth-treasury-warns-burnham/Winner Best News and Analysis Podcast - Publisher Podcast Awards 2026Nominated Podcast of the Year - Society of Editors News Podcasts Awards 2026Nominated Best News, Politics and Current Affairs - British Podcast Awards 2026The Telegraph, Winner Podcast Publisher of the Year 2026 - Publisher Podcast Awards 2026Producer: Peter ShevlinVideo Producer: Max BowerResearcher and Social Producer: Anna HindmarshStudio Operator: Andy WatsonExecutive Producer: Venetia Rainey ► Sign up to our most popular newsletter, From the Editor. Look forward to receiving free-thinking comment and the day's biggest stories, every morning. telegraph.co.uk/fromtheeditor► EMAIL US: Contact the team on [email protected]► GET THE LATEST HEADLINES: Find all our latest Iran coverage here: https://www.telegraph.co.uk/iran-war/ Hosted on Acast. See acast.com/privacy for more information.