China is just going to strike a deal with the US to screw over all the smaller nations that need oil from the Hormuz strait

China and Russia, and probably joined by India if it comes to it, can escort the tankers they need through the Hormuz strait, and the US will not strike them to avoid a nuclear exchange. All the smaller nations, South Korea, Japan, both China and Trump are more than happy to have them pay exorbitant amounts for oil, as long as Trump gets a cut.