As the U.S.-Israel-Iran conflict has roiled global markets in recent weeks, China has appeared relatively insulated from the energy-driven shock that is reshaping asset pricing worldwide.
The most immediate transmission channel is oil. With Brent crude having surged from around $70 per barrel to nearly $120 at its peak before pulling back after ceasefire news, the inflationary impact has rippled across economies. For China, while exposure to Middle Eastern crude is comparatively limited, the effect has still been felt domestically. Since March 9, gasoline and diesel prices have been raised repeatedly.
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