It's believed China managed to halve oil imports due to large (undisclosed) reserves, emergency public policies and overdriving coal use, but this can't last. China is also extremely dependent on Russian oil, which is a country at conflict and having its key infrastructure destroyed. China is building their renewable energy capacity fast, but this has to be quick started on oil.

Increasing oil prices have the double effect of slowing China expansion and energetic transition long-term while increasing dollar demand in the short term - just look what happened to gold prices once Iran war started.

The new Trump-aligned leaders of South America are puppets to secure cheap, nearby materials and food in a future world in conflict, where the US has to re-industrialize rapidly. The US navy would be spread too thin, and the US currently doesn't even have capacity to build its navy - the US recently sought the help of South Korea in this matter.

Please note none of this my opinion, the current US foreign policy strategy is a public fact. [1]

[1] https://en.wikipedia.org/wiki/Donroe_Doctrine