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Iran War Risks Global Economy as New Chinese Sanctions Loom

9/3/2026

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Summary

Story summary

U.S. analyst Cliff Kupchan said the Iran war dents the global economy.
He noted oil flow stays prewar levels, 800 million barrels per day through Strait of Hormuz and 12 million via backup pipelines.
Oil prices peaked near $120 per barrel.
He warned new sanctions on major Chinese refineries could intensify economic strain.
Kupchan praised Treasury Secretary Scott Bessent’s stance of no relief until the Ukraine war ends.

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Story summary

U.S. analyst Cliff Kupchan said the Iran war dents the global economy.
He noted oil flow stays prewar levels, 800 million barrels per day through Strait of Hormuz and 12 million via backup pipelines.
Oil prices peaked near $120 per barrel.
He warned new sanctions on major Chinese refineries could intensify economic strain.
Kupchan praised Treasury Secretary Scott Bessent’s stance of no relief until the Ukraine war ends.