April 7, 2026 - 

President Trump’s deadline for Iran to ink a peace deal and reopen the Strait of Hormuz is set for 8 pm Eastern tonight, but hopes are fading, according to multiple outlets, that a deal can be struck.

A further escalation of the conflict could send oil prices even higher, with prices at the gas pump inching closer to record highs. The average price of diesel now sits just above $5.61, just 20 cents below the 2022 all-time record. 

And the Washington Post reports, as the global oil and gas crisis drives governments to accelerate their pivot to coal and renewable power, one country above all stands to benefit: China.

China dominates renewable energy supply chains, producing a vast majority of the world’s solar panels, wind turbines, batteries and electric vehicles—as well as the materials needed for them. Exports of these technologies were already climbing to new heights in the first two months of 2026.

Now the global energy shock is giving sales – and materials demand -- another boost. The electric car giant BYD’s exports and overseas vehicle sales rose 65 percent in March year over year. And one China’s top suppliers of energy-storage systems, expects to more than double shipments this year on robust demand.

China’s leg up is also resting on a foundation provided by coal. Chinese coal companies are turning to chemicals manufacturing, as the oil and gas shock constrains supply of the liquid fossil fuels more commonly used by the industry. Coal’s margin advantage over oil in chemicals production is now at its widest since 2015.