China steps in as Iran war drains US oil reserves to 40-year low | Iran: the Latest news

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



#Geopolitics #GlobalEconomy #OilPrices #EnergyCrisis #Macroeconomics #IranWar #StraitOfHormuz #CrudeOil #ChinaEconomy #USForeignPolicy #MiddleEastNews #OPEC #Inflation #EnergyMarkets #IranTheLatest



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