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.
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
WATCH US ON YOUTUBE: https://www.youtube.com/playlist?list=PLJnf_DDTfIVAif-vifC6F2aoPB8GIw6dk
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
Producer: Peter Shevlin
Video Producer: Max Bower
Researcher and Social Producer: Anna Hindmarsh
Studio Operator: Andy Watson
Executive Producer: Venetia Rainey
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