Iran Conflict Brief: How the Iran Standoff is Rewriting US-China Relations

The Iran crisis is in its 80th day. Right now, roughly 1,500 vessels laden with oil, natural gas, fertilizers, and oil products sit trapped in the Persian Gulf by a dual US-Iranian blockade. One thing is certain: prolonging this standoff for another 80 days risks triggering profound global economic consequences.

Global oil inventories are depleting fast and are projected to hit critical levels by the end of June.

For the Trump administration—caught between accepting Iranian power over the Strait of Hormuz or risking a major military escalation—the path of least resistance may be to keep maintaining a naval blockade of Iranian oil sales to China. The stakes escalated further this month when Washington sanctioned Hengli Petrochemical—China's second-largest independent refiner—prompting Beijing to retaliate with unprecedented blocking rules against US sanctions.

How will this high-stakes standoff play out in the coming weeks? And how will the worsening US-China rivalry reshape the Middle East conflict?

Today, host Daniel Sternoff sits down with Cory Combs, Head of Supply Chain and Critical Minerals Research at Trivium China. Cory leads Trivium's cross-cutting research on climate, energy, and industrial policy, advising both governments and multinational corporations. He joins us to break down the volatile triangular relationship between Washington, Beijing, and Tehran, and what it means for global energy security and the Strait of Hormuz.

Credits: Hosted by Daniel Sternoff. Produced by Mary Catherine O'Connor, Caroline Pitman, and Kyu Lee. Engineering by Gregory Vilfranc.