Five Ways China Is Shielding Itself as the Hormuz Cease-Fire Collapses
AI Summary
The U.S.-Iran cease-fire for the Strait of Hormuz has collapsed with renewed naval blockades and tanker strikes. Brent crude oil prices surged above $85 per barrel, reflecting heightened tensions and impact on global oil markets.
The U.S.-Iran cease-fire that was supposed to reopen the Strait of Hormuz for good is falling apart. American forces reimposed a naval blockade on Iranian ports this week and hit dozens of targets along Iran's coast, and Tehran answered by striking tankers moving through the strait without its permission. Brent crude, which had drifted down into the mid-$70s while the June peace deal held, jumped back above $85 a barrel on the news, its highest level since the truce was signed. It's the second time this year the market has had…