China is helping the Revolutionary Guards profit from Iranian crudePhotograph: Getty ImagesFOR HALF a century the Middle East’s petro-monarchies have cast themselves as reliable suppliers of low-cost petroleum. The third Gulf war, now in its fifth week, has shattered that image. With the Strait of Hormuz largely closed, 15% of the world’s oil cannot reach its customers. All Gulf states have slashed output and seen export proceeds plunge.Explore moreThe Economist TodayHandpicked stories, in your ...