Is China the big winner of the US-Iran conflict? Seen from the prism of a 21st century cold war, plausibly

Yet, just two days later, the hot war was effectively over. Markets reacted swiftly: Brent crude fell to $96 by 10 April, though it reached $105 this week after US-Iran talks fell apart. Both adversaries are still blowing hot and cold, but we are unlikely to see another 7 April-like panic so long as today’s uneasy truce holds. However, what we have witnessed is not merely the end of a potential global conflagration, but possibly the emergence of a new kind of Cold War.