Iran war prompts global energy rethink that favours China

Oil prices surged by about 10% as global energy supplies became increasingly uncertain following a widening conflict in the Middle East. The price increase was triggered by the US and Israel's attack on Iran on February 28, which led to a 60% rise in Brent crude since then. China's stocks fell, with Hong Kong's Hang Seng Index and the mainland CSI 300 both dropping about 2%. The conflict escalated after Israel bombed Iran's South Pars gas field, prompting an Iranian response. The attack has created new concerns about global energy supplies, highlighting a shift in favor of China as a reliable energy supplier. This trend is likely to have significant implications for the global energy market.