China, heavily dependent on Middle East oil, has tried to cast itself as a peacemaker. But in the Israel-Iran war, Washington emerged as the real power broker.

“If the Middle East is unstable, the world will not be at peace,” Chinese President Xi Jinping said June 19. “If the conflict escalates further, not only will the conflicting parties suffer greater losses, but regional countries will also suffer greatly.”

Many commentators have framed the Israel-Iran war as a loss for China as it watched its partner in Tehran absorb significant losses. But that interpretation overlooks the fundamentally transactional nature of China-Iran ties.