AXIOS (Matt Phillips) - Iran war shows China role in setting the price of oil
Data: China's General Administration of Customs; Chart: Matt Phillips/Axios The Iran war has revealed China's enormous power over global oil prices, thanks to its position as the world's largest buyer. Why it matters: China's reaction to the oil shock — by substantially withdrawing from buying on world markets — helped prevent the worst of the price spikes that experts thought would follow from the effective closure of the Strait of Hormuz. Catch up quick: After the U.S. and Israel launched the war on Feb. 28, Chinese crude oil imports dove as prices spiked. - At first, the decline in imports didn't surprise analysts. (China has long been known as a price-sensitive buyer.) Yes, but: Few expected that China could maintain this low…