Analysts say China may benefit geopolitically from a prolonged Iran war, but it could start to feel the pain economically.
The Middle East has been a growing market for Chinese steel and clean energy, but trade ties are now at risk given the expanding conflict.
The effective closure of the Strait of Hormuz has also caused Chinese prices for sulphur — a raw fertilizer material, much of which comes from the Gulf — to rise just as the planting season begins.
And while China has a considerable oil stockpile, the war cuts Beijing off from Tehran’s cheap, sanctioned crude.
Chinese tech companies, from robotaxis to smartphones, have also expanded rapidly in the Gulf, but strikes in the region disrupted their operations.
