China is close to tapping its vast commercial oil reserves as supply disruptions from the Iran conflict grow more acute, an industry consultant said.

The latest Middle East tensions sheds light on how the world's three largest oil consumers have taken different approaches to energy, with global consequences.

China, the world’s biggest crude importer, is close to tapping its vast commercial oil reserves as the Middle East war shows no signs of ending, according to FGE NexantECA.

By Chen Aizhu and Florence Tan SINGAPORE, March 17 (Reuters) - Chinese state oil majors looking to head off supply shortages caused by the war in the Middle East have resumed seeking Russian crude cargoes after a four-month hiatus,

Economic fallout will likely be limited if the war doesn’t last more than a couple of months, says leading China business scholar John Quelch

Two weeks before President Donald Trump is scheduled to hash out critical US-China disputes in Beijing, he has set a new condition for the negotiations: help reopening the Strait of Hormuz.

Iran has continued to ship crude oil via the Strait of Hormuz to China even as the war between U.S.-Israel and Iran has disrupted broader energy supplies via the waterway.

Beijing’s decades-long push to reduce its dependence on foreign oil with huge investments in clean energy sources like electric vehicles is now paying off.

Massive oil stockpiles and a shift to electric vehicles are helping to insulate the Chinese economy from supply disruptions in the Middle East.

China aims to expand its strategic oil reserves, according to its latest five-year plan, as Beijing confronts volatility from the Middle East conflict.

Beijing will ‘intensify its support’ to Havana after around 10.9 million people were left without power amid an ongoing energy crisis.