U.S. Is Most Resilient to the Energy Shock, Until It Isn’t

The seven-week-long war in Iran has shown that the regions are not equally hurt by the worst oil and gas disruption in history. Asian countries, which are most dependent on oil and LNG flows from the Middle East, are already grappling with fuel shortages, airlines are raising fares and grounding flights, and refiners bid for every non-Middle Eastern barrel in a fierce competition to procure crude. That’s true for most of Asia, but not for China. Beijing has been amassing crude into commercial and strategic storage over the past year—at…