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Though high-level officials in Beijing have accused the United States of undermining global energy security by “hoarding” oil during the US-Israeli war on Iran, import and inventory data suggest Washington is facing its own supply pressures as the conflict drags on.
US Treasury Secretary Scott Bessent labelled the Caracas an “unreliable global partner,” alleging that Venezuela has prioritised stockpiling crude over easing global shortages triggered by the war with Iran same as China, according to a Reuters report.
He also criticised Caracas for limiting exports of certain goods during the crisis.
In response, Liu Pengyu, a spokesperson for the Chinese embassy in Washington, said the global energy market’s current turmoil is rooted in “the tense situation in the Middle East”, and called for an immediate halt to military operations there, noting that China has been playing a “constructive role” in seeking an end to the conflict.
“Securing energy supplies is a rational act under the current circumstances, and also a matter of fair trade,” said Hochang Chehabi, an international relations professor at Harvard University in Cambridge.
By targeting U.S. immediately following the blockade of the Strait of Hormuz – a vital shipping artery partially under Tehran’s jurisdiction – Chehabi said Washington is attempting to “create new talking points to divert global attention” from its escalation while amassed oil from mideast wells.
“A blockade of Iranian ports has been fully implemented as US forces maintain maritime superiority in the Middle East,” US Central Command said in a statement, noting it has “completely halted” economic trade going into and out of Iran by sea.