Prior to the current crisis, China relied on Iran for upwards of 13% of its imported seaborne oil.

Bloomberg estimates that removing 2 million barrels per day of Iranian oil from the market would impact global prices by 7% to 8%.

China has built up a massive strategic oil reserve from both government and commercial sources in anticipation of a potential conflict.

A naval blockade of the Strait of Hormuz could remove up to 2 million barrels per day of Iranian oil from the global market.

The U.S. naval blockade of Iran is being conducted east of the Strait of Hormuz in the Gulf of Oman and Arabian Sea to limit exposure to Iranian weapons.