Part 5/12:
Iranian oil exports constitute roughly 2% of global demand and are vital to Iran’s economy, accounting for nearly half of its government revenues. China's purchase of Iranian oil—paid for in yuan—has empowered Tehran economically and provided China with leverage over Iran’s energy sector. Should Israel target Iran’s energy infrastructure, especially in the Persian Gulf, China could face disruptions that might push it to seek alternative, more expensive sources from Gulf nations.
This economic intertwining underscores Beijing’s interest in maintaining stability in Iran—Xi Jinping appears eager to safeguard this relationship and prevent setbacks that could arise from the Israel-Iran conflict.