Energy
Ability to cut imports mitigates loss of supply due to Hormuz closure
An oil tanker docks at a terminal off Waidiao island in China’s Zhejiang province. (China Daily via Reuters)
TOKYO — The U.S.-Iran military conflict was expected to send crude oil prices soaring due to the disruption of tanker traffic through the Strait of Hormuz. Instead, China’s efforts to rebalance its demand has kept price increases in check.