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Story summary
- U.S. President Donald Trump launched a war against Iran in late February.
- Oil prices rose but stayed near $100 per barrel, not doubling.
- China’s strategic petroleum reserve hit roughly 1.4 billion barrels by end-2025.
- China cut crude imports to 8.1 million barrels per day in Q2 2026, limiting oil price gains.
- President Donald Trump said Chinese President Xi Jinping agreed to reopen Strait of Hormuz and will meet him in Washington.