As Donald Trump’s Iran war drags on and hostilities continue in the Strait of Hormuz and Red Sea, global energy markets are being reshaped - not by OPEC or the US, but by China.
On today’s episode of Iran: the Latest, Venetia Rainey talks to world economy editor Ambrose Evans-Pritchard about how Beijing has weaponised its internal oil demand to keep oil prices stable and bypass Saudi Arabia, even as US Strategic Petroleum Reserves have plunged to their lowest level since 1983. Why have oil prices remained largely stable and are those figures masking underlying economic turmoil?
Plus: how the blockade of the Strait of Hormuz is pushing Iraq to the brink of total economic collapse and the worrying news of a recent Pew Survey measuring attitudes towards the US vs China.
CHAPTERS
00:00 - Introduction and Episode Outline
01:29 - How China Reduced Its Global Oil Demand
03:39 - US Strategic Petroleum Reserve Hits 40-Year Low
05:15 - China Bypasses OPEC in Global Oil Market
08:59 - US Reserves Deplete to 1983 Threshold
12:01 - Red Sea Attacks Drive Pipeline Infrastructure Shift
15:53 - Strait of Hormuz Blockade Threatens Iraq's Economy
18:20 - Post-Khamenei Leadership & Iran's Nuclear Stance
21:20 - Economic Pressure on the US vs Iran
23:05 - UK & European Growth Slows Amid Energy Disruption
28:18 - Donald Trump's Gulf Strategy Examined
31:58 - Global Trust Shifts: US vs China Pew Survey Results
Highlights
Iran war drains US strategic petroleum reserves to 40-year low
How Beijing has kept oil prices stable and bypassed Saudi Arabia
CONTRIBUTORS:
Venetia Rainey, co-host and executive producer @venetiarainey
Ambrose Evans-Pritchard, world economy editor
CONTENT REFERENCED:
Ambrose Evans-Pritchard: Trump’s eternal March of Folly on Iran
https://www.telegraph.co.uk/business/2026/07/31/trumps-eternal-march-of-folly-on-iran/
Trump targets Iran’s economy as military campaign falters
https://www.telegraph.co.uk/us/politics/2026/08/12/trump-scott-bessent-end-iran-war/
Iran war threatens to cripple growth, Treasury warns Burnham
https://www.telegraph.co.uk/business/2026/08/12/iran-war-threatens-to-cripple-growth-treasury-warns-burnham/
Winner Best News and Analysis Podcast - Publisher Podcast Awards 2026
Nominated Podcast of the Year - Society of Editors News Podcasts Awards 2026
Nominated Best News, Politics and Current Affairs - British Podcast Awards 2026
The Telegraph, Winner Podcast Publisher of the Year 2026 - Publisher Podcast Awards 2026
Video Producer: Max Bower
Producer: Peter Shevlin
Researcher and Social Producer: Anna Hindmarsh
Studio Operator: Andy Watson
Executive Producer: Venetia Rainey
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