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Iran war: Beijing caps fuel price hikes and urges de-escalation

China has introduced temporary price controls for refined oil products in response to the Iran conflict, aiming to cushion the economic fallout. At the same time, Beijing is calling on all parties to halt military actions.

Amelie Richter
23. March 2026
DUBAI, UNITED ARAB EMIRATES - MARCH 2: Commercial ships anchor off the coast of the United Arab Emirates due to navigation disruptions in the Strait of Hormuz, Dubai on March 2, 2026. Increased maritime traffic led to a buildup of vessels waiting near Dubai, highlighting the strategic importance of the strait, which handles 20 percent of global energy trade

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Last updated: 23. March 2026

Trade
Crude oil
Iran
USA