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China steps in as Iran war drains US oil reserves to 40-year low

China steps in as Iran war drains US oil reserves to 40-year low

Author: The Telegraph August 13, 2026 Duration: 29:05
Iran: The Latest
NewsCommentary

As Donald Trump’s Iran war drags on and hostilities continue in the Strait of Hormuz and Red Sea, global energy markets are being reshaped - not by OPEC or the US, but by China. 


On today’s episode of Iran: the Latest, Venetia Rainey talks to world economy editor Ambrose Evans-Pritchard about how Beijing has weaponised its internal oil demand to keep oil prices stable and bypass Saudi Arabia, even as US Strategic Petroleum Reserves have plunged to their lowest level since 1983. Why have oil prices remained largely stable and are those figures masking underlying economic turmoil?


Plus: how the blockade of the Strait of Hormuz is pushing Iraq to the brink of total economic collapse and the worrying news of a recent Pew Survey measuring attitudes towards the US vs China. 


Highlights


  • Iran war drains US strategic petroleum reserves to 40-year low
  • How Beijing has kept oil prices stable and bypassed Saudi Arabia


CONTRIBUTORS:

Venetia Rainey, co-host and executive producer @venetiarainey

Ambrose Evans-Pritchard, world economy editor 


WATCH US ON YOUTUBE: https://www.youtube.com/playlist?list=PLJnf_DDTfIVAif-vifC6F2aoPB8GIw6dk


CONTENT REFERENCED:

Ambrose Evans-Pritchard: Trump’s eternal March of Folly on Iran

https://www.telegraph.co.uk/business/2026/07/31/trumps-eternal-march-of-folly-on-iran/


Trump targets Iran’s economy as military campaign falters

https://www.telegraph.co.uk/us/politics/2026/08/12/trump-scott-bessent-end-iran-war/


Iran war threatens to cripple growth, Treasury warns Burnham

https://www.telegraph.co.uk/business/2026/08/12/iran-war-threatens-to-cripple-growth-treasury-warns-burnham/


Winner Best News and Analysis Podcast - Publisher Podcast Awards 2026

Nominated Podcast of the Year - Society of Editors News Podcasts Awards 2026

Nominated Best News, Politics and Current Affairs - British Podcast Awards 2026

The Telegraph, Winner Podcast Publisher of the Year 2026 - Publisher Podcast Awards 2026


Producer: Peter Shevlin

Video Producer: Max Bower

Researcher and Social Producer: Anna Hindmarsh

Studio Operator: Andy Watson

Executive Producer: Venetia Rainey 


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For those trying to understand the complex and rapidly shifting landscape of the Middle East, Iran: The Latest offers essential context. This Telegraph podcast moves beyond the headlines to examine the military, diplomatic, and strategic forces shaping the ongoing tensions between Iran, the United States, and Israel. Hosted by veteran foreign correspondents Roland Oliphant and Venetia Rainey, each episode synthesizes frontline reporting from the paper's award-winning journalists with insightful conversations. You'll hear from specialists in areas like regional security architecture, covert operations, and geopolitical theory, providing a clearer picture of the stakes involved. The analysis considers historical grievances, economic pressures, and potential flashpoints, from proxy conflicts to direct confrontations. It’s a resource for anyone who wants to grasp not just what is happening, but why it matters and what might come next. By drawing on deep sourcing and expert commentary, this podcast delivers a nuanced perspective that is both timely and thoroughly researched, making sense of a critical and often misunderstood arena of global affairs.
Author: Language: English Episodes: 50

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