One of the reasons why the price of oil failed to soar during the "actively kinetic" phase of the Iran war, when shipments through Hormuz were effectively halted and the world faced a shortage of about 10-15mmb/d, is that Chinese oil demand plunged. Whether due to a sharp slowdown in the economy (which after the sudden "recap" of China's banks appears very likely) or due to an aggressive drain of China's strategic reserve, the reality is that, as discussed here