World & BusinessChina reportedly buying most of its oil on the open market
ZeroHedge says China’s oil purchases have shifted sharply in 2026 amid a Hormuz blockage. ISW says economic deterioration and apparent difficulty controlling the strait may have contributed to Iran’s renewed U.S. engagement.
TLDR
ZeroHedge said on September 24, 2026, that China was being forced to buy most of its oil on the open market, citing a blocked Strait of Hormuz. Separately, in its September 23 Iran update, ISW assessed that Iran’s deteriorating economy and apparent difficulties controlling the strait may have contributed to its recent willingness to engage with the United States. ISW cautioned that renewed engagement does not indicate that Iran has softened its negotiating position or is willing to make meaningful concessions on core demands.
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China reportedly buying most of its oil on the open market
ZeroHedge says China’s oil purchases have shifted sharply in 2026 amid a Hormuz blockage. ISW says economic deterioration and apparent difficulty controlling the strait may have contributed to Iran’s renewed U.S. engagement.