Iran and Israel traded fresh missile strikes over the weekend, pushing oil prices above $92 and forcing China to delay two major refinery projects worth 500,000 barrels per day after Tehran closed the Strait of Hormuz.

Background

The latest round of hostilities follows a fragile ceasefire that US President Donald Trump had claimed to broker. Israel’s independent retaliatory actions have exposed widening gaps with Washington, while energy markets and Asian supply chains feel the...