How China and U.S. eased the Middle East oil shock and kept prices from spiking even higher

China and the United States have provided critical support to the oil market and helped ease the huge supply disruption in the Middle East and kept energy prices from surging even higher. The oil market has lost about 10 million barrels per day (bpd) of exports from the Persian Gulf due to Iran's blockade of the Strait of Hormuz, according to the International Energy Agency 's latest update this week. …