With the Strait of Hormuz closed and Brent above US$111, the West discovers that the crisis doesn't end with oil: China dominates the refining of critical minerals, controls almost 90% of rare earths, and exposes the energy transition to a dependency without a

The closure of the Strait of Hormuz and China’s dominance in rare earths expose global dependence on oil and strategic minerals. China controls approximately 90% of the global processing capacity for rare earths, posing a significant risk to the energy transition. The energy crisis linked to the US-Iran conflict reveals vulnerabilities in global supply chains.