US Accuses China of Oil Hoarding Amidst Iran War
Analysis based on 14 articles · First reported Apr 14, 2026 · Last updated Apr 14, 2026
The ongoing geopolitical tensions, particularly the U.S.-China dispute over oil hoarding and the U.S. blockade of Iranian ports, are causing significant volatility in global energy markets. Petroleum prices have surged, and supply chain disruptions are expected to worsen, impacting various industries worldwide.
U.S. Treasury Secretary Scott Bessent has accused China of being an unreliable global partner during the Middle East war, citing its hoarding of oil supplies and limiting exports of certain goods. This behavior mirrors China's actions during the COVID-19 pandemic and with rare earth exports. The dispute comes amidst a U.S.-Israeli war in Iran, which has led to a 50% increase in oil prices and supply chain disruptions. Iran's closure of the Strait of Hormuz, a critical waterway for 20% of the world's oil, has exacerbated global demand shortages. The United States military has initiated a blockade of ships leaving Iran's ports, directly impacting China's access to Iranian oil, which constitutes a significant portion of its annual purchases. International bodies like the International Monetary Fund, World Bank Group, and International Energy Agency have urged countries to avoid hoarding energy supplies and imposing export controls. Despite these tensions, U.S. President Donald Trump's planned visit to Beijing is still on, with both sides emphasizing stability in the relationship.
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