People are talking about $100 oil hitting Asia.

CSI 300 since the war started: -0.1%

KOSPI: -11%

Nikkei: -8%

India: -6.5%

"China can't survive this" is the laziest narrative right now.

Hormuz oil = only 6.6% of China's total energy consumption.

SPR: 1.2-1.4B barrels = about 6 months of buffer.

EV penetration: >50% of new car sales.

Grid oil/gas dependency: 4%.