This is very naive. Firstly, China is an economic pygmy and simply can't afford to buy all the oil the Arabs want to sell. If they want to cut off the Americans and sell to China, the Sheikhs had better be prepared to take a significant pay cut - and they are too materialistic and selfish to do that.
Secondly, there is oil in Alaska, Texas, the North Sea and plenty in Russia. If the Arabs stop selling oil to the Americans, there's a long queue of other suppliers behind them. Prices might go up slightly, but that's about all. Certainly America will not be brought to her knees by this method.
China's only option for war with the USA is nuclear, and while the Chinese/NK nuclear force could do significant damage to the US (mostly on the west coast), the USA could utterly obliterate China and NK in a few minutes. This is not something that the Chinese leadership will be keen upon - I hurt you, you kill me is not a good trade unless you have a death wish.
Furthermore, a large portion of the Chinese economy depends upon American business. If America withdraws this, China can look forward to a recession. America uses China as a cheap labour source, but as with the oil, if China cuts America off there are plenty more queueing up - India, Mexico et al.
Not even after he appeared on Al-Jazeera and said "I did it"?
Naive? I didn't say yet . I said eventually. Believe me, the United States is very dependent on oil from the Middle East which is why it is so heavily invested in the region. Within the next 50 years should the Arabs withdraw and China take the gulp then the US would not be able to resist the movement. Besides, Russia is kind of at only-semi friendly relations with the United States at the moment and is almost at a position like China's (though better considering they are now an ally of the United States).
Again, later the United States would not risk such a conflict and I still believe they wouldn't. United States is reluctant for itself to go to war with North Korea for the same reason and their nuclear program is prettttty small compared to the US's or China's. In other words, the United States would rather have China go to war with its allies than risk a small nuclear picnic with North Korea.