None of the countries in conflict/Here's who is expected to be the biggest loser in the attack on Iran

2026-03-02 07:38:00, Kosova & Bota CNA

None of the countries in conflict/Here's who is expected to be the biggest

In less than two months, United States President Donald Trump has destroyed two of Beijing's closest allies, threatening China's oil supply chain.

Venezuelan President Nicolas Maduro was captured by the US in January, while Iranian Supreme Leader Ali Khamenei is now dead. Beyond striking at two of China's strategic partners in South America and the Middle East, the two military campaigns have touched something far more vital to Beijing: Oil.

Both countries supply most of their crude oil to China, more than half of Venezuela's crude oil exports and almost all of the oil shipped from Iran likely ended up in China last year, according to data analytics firm Kpler.

Together, their supplies accounted for about 15% of China's oil imports, CNN writes, based on data from Columbia University's Center for Global Energy Policy.

Rob Thummel, Portfolio Manager at Tortoise Capital, considers China a potential big loser in the conflict with Iran because it produces far less oil than it consumes.

"Higher prices can affect economic growth, but physical supply is even more important as China relies on crude oil imports to keep its economy moving ," he said.

Chinese Foreign Minister Wang Yi has called the US-Israeli attack on Iran “unacceptable” and condemned the “blatant assassination of a sovereign leader and incitement to regime change.” But Beijing has so far not commented on the potential economic impact.

Beyond oil supply disruptions, China and other Asian economies also face potential logistical challenges if the Strait of Hormuz, a critical shipping route for crude oil from countries like Saudi Arabia and Kuwait, is closed or disrupted.

Iran's semi-official Mehr news agency reported that a tanker ship, which was hit on Sunday after attempting to "pass through the Strait of Hormuz without authorization," was sinking after sustaining damage.

Iran controls the northern side of the Strait and has previously threatened to block access to the waterway during conflicts with the US. Analysts warn that closing the Strait of Hormuz, or major disruptions there, would cause a significant global energy crisis. /CNA