US criticizes China oil hoarding

U.S. Treasury Secretary Scott Bessent publicly criticized China for being an unreliable global partner during the Middle East war. Scott Bessent accused China of hoarding oil supplies and limiting exports of certain goods, actions he likened to China's behavior during the COVID-19 pandemic with medical supplies and a previous threat regarding rare earth exports. These actions have contributed to a global demand shortage and significant increases in oil prices, exacerbated by Iran's closure of the Strait of Hormuz. The United States military has initiated a blockade of Iran's ports, further complicating oil supply. China, through its embassy spokesperson Liu Pengyu, attributed the market shortages to the tense situation in the Middle East and called for an end to military operations. International bodies like the International Monetary Fund, World Bank Group, and International Energy Agency have also urged countries to avoid hoarding energy supplies and imposing export controls.