PetroChina Set for Record Trading Profit as Iran War Upends Oil Markets
๐ BEIJING โ China's state oil trader is cashing in while Washington bleeds Hormuz. ๐ LOOK CLOSER: PetroChina's record profit maps directly onto Hormuz disruption โ wider spreads between physical and futures crude mean larger arbitrage. Beijing profits from a war it hasn't joined and won't stop. This creates a structural incentive to sustain, not resolve, the crisis โ making US leverage on Xi to mediate Tehran easier to refuse.