FT News Briefing Iran war tests China’s oil stockpile
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Mar 17, 2026 
Gideon Rachman, FT foreign affairs commentator, and Ed White, FT China correspondent, dig into why the Strait of Hormuz remains a strategic flashpoint. They also track Europe’s limited options, China’s oil stockpile stress test, UniCredit’s bold Commerzbank bid, and a newly spotted hellish planet with magma oceans.
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Why Europe Refused Trump's Hormuz Mission
- Gideon Rachman says Europe rejected Donald Trump's Hormuz naval request because the mission looks dangerous, open-ended, and aimed at cleaning up a US decision made without allies.
- He argues Trump's tariffs, insults, and Greenland threats weakened trust, making allies less willing to absorb casualties for Washington.
Iran Can Keep Hormuz Shut With Limited Strikes
- Reopening Hormuz is hard because Iran only needs a few credible attacks to scare shipowners, crews, and insurers away; it does not need to stop every vessel.
- Gideon Rachman notes India may have secured passage bilaterally, while diplomacy looks weak because Iran now has little reason to trust US or Israeli guarantees.
China's Secret Oil Buffer Looks Big But Finite
- China's vast oil stockpile may cushion a Hormuz disruption for roughly three months, reflecting a deliberate shift toward resource security under Xi Jinping.
- Ed White says analysts estimate 1.1 to 1.4bn barrels using budgets, trade flows, and satellite images because Beijing keeps reserve levels secret.