News

Cover Story

On HALO

13 hours ago

The mystery of how China is keeping down the world’s oil prices

An ultra-large crude oil tanker at the Beihai shipyard in Qingdao City, Shandong Province, China on June 10, 2026. | CFOTO/Future Publishing via Getty Images Gas prices are high right now — an average of roughly a dollar more than they were last year for Americans. But considering that we’re not more than 100 days into the closure of the Strait of Hormuz, which the International Energy Agency called the “most severe oil supply shock in history,” it seems like they should be higher. When the Hormuz crisis began, many analysts were predicting the price of oil would rise to $200 a barrel...