Absolutely. China may suffer the short term consequences of its high dependence on Gulf oil, but as I wrote in @FortuneMagazine fortune.com/2026/03/18/us-iran-war-lost-st... "in the longer run, the war tilts the strategic balance decisively in Beijing’s favor. A protracted conflict consumes U.S. military resources globally, including in East Asia — the removal of the THAAD missile defense system from South Korea is an early example of that overreach. The war will [also] further erode Washington’s global prestige and deepen doubts among key allies about the reliability of U.S. leadership. China has spent years carefully nurturing its relations with Gulf states, including Saudi Arabia — and a net result of this war will be the consolidation of those ties. Some analysts have also argued that the energy shock could further accelerate a global transition toward renewables, raising global demand for Chinese solar panels, electric vehicles, and batteries. Against the backdrop of U.S. military adventurism, China’s reputation for diplomacy and economic stability will continue to gain global appeal."