China will be a big loser as it stands, transit through the Strait of Hormuz is down by 90 percent which is practically a full on blockade - dug in coastal batteries in the Macran Mountains are targeting the few vessels that are still trying to sneak through. China's resource stricken fate is once again turning into a handicap, Beijing had to wiggle between keeping the ayatollahs from tumbling over and telling the ayatollahs to not close the Strait even though the ayatollahs correctly assessed a closure as their ace card from tumbling over. Beijing apparently does not have the leverage it thought it had because Tehran just moved against Xi's warning and now all the CCP aligned media are out damage controlling, Strait of Hormuz never really mattered anyway Russia and strategic oil reserves 'n shiii.
A few facts, China imports over 70 percent of its oil consumption aka 12- 13 bpd. Of those 12-13 barrels per day 80 percent comes from the Persian Gulf area and through the Strait of Hormuz. Per the internet China's strategic oil reserve is somewhere between 1.2 - 1.5 billion barrels, aka 100-120 days of net imports. China has been benefiting from the sanctioned status of both Russia and Iran through discount oil, and prefers a low oil price in general. Per addendum: several oil producing Gulf States have bypassing pipelines to circumnavigate the Strait, it's only Kuwait, Iraq and Iran that are fully cooked when the Strait remains closed.
Right. Current situation: Strait of Hormuz blocked, oil prices rising, Iranian oil unattainable, Venezuelan oil market lost, Gulf producers in trouble and Iran flying drones into oil infrastructure left and right. Also of importance: the US is the world's main oil producer, Trump just took over the Venezuelan oil industry, shale oil changed the game and Washington benefits from a higher oil price.
Guaranteed that Xi is trying to get through to whoever is currently wearing the top dog ayatollah turban. Not even ruling out that some of the IRGC leadership is doing this to finally get the Changs to commit to Iran's survival, it's a proper means of pressure. This situation is a big problem for Beijing.