Oil markets have reacted with enthusiasm to an interim agreement between US and Iran which should reopen the Strait of Hormuz and restore oil and gas flows — but that return to normality could be months away, analysts warn.
Oil markets have reacted with enthusiasm to an interim agreement between US and Iran which should reopen the Strait of Hormuz and restore oil and gas flows — but that return to normality could be months away, analysts warn.
Iranian oil shipments to China, a resilient trade that’s survived years of US sanctions to provide a crucial economic lifeline to Tehran, is coming under huge strain from waning demand and an American blockade.
Iranian oil shipments to China, a resilient trade that’s survived years of US sanctions to provide a crucial economic lifeline to Tehran, is coming under huge strain from waning demand and an American blockade.
Iranian oil shipments to China, a resilient trade that’s survived years of US sanctions to provide a crucial economic lifeline to Tehran, is coming under huge strain from waning demand and an American blockade.
Iranian oil shipments to China, a resilient trade that’s survived years of US sanctions to provide a crucial economic lifeline to Tehran, is coming under huge strain from waning demand and an American blockade.
China has started tapping its commercial crude reserves to help offset the supply shock from the Iran war, although the world’s biggest oil importer is continuing to prioritize lower refinery use and fuel export limits to manage the fallout.
China has started tapping its commercial crude reserves to help offset the supply shock from the Iran war, although the world’s biggest oil importer is continuing to prioritize lower refinery use and fuel export limits to manage the fallout.
China’s buying of oil from overseas slumped to the lowest in more than eight years last month as the Iran war crimped supply and Beijing held off scrambling for replacement barrels.
China’s buying of oil from overseas slumped to the lowest in more than eight years last month as the Iran war crimped supply and Beijing held off scrambling for replacement barrels.
China’s buying of oil from overseas slumped to the lowest in more than eight years last month as the Iran war crimped supply and Beijing held off scrambling for replacement barrels.
China’s buying of oil from overseas slumped to the lowest in more than eight years last month as the Iran war crimped supply and Beijing held off scrambling for replacement barrels.
Iranian crude has been slashed for Chinese buyers in an effort to entice interest from independent oil refiners, which have reduced operating rates to stem losses from weaker margins.
Iranian crude has been slashed for Chinese buyers in an effort to entice interest from independent oil refiners, which have reduced operating rates to stem losses from weaker margins.
China’s crude imports plunged in May to the lowest level in a decade and could languish for the coming months, as weaker demand, refinery cuts and limited exports help the world’s top buyer weather the impact of the Iran War.
China’s crude imports plunged in May to the lowest level in a decade and could languish for the coming months, as weaker demand, refinery cuts and limited exports help the world’s top buyer weather the impact of the Iran War.
An oil tanker is docked unloading crude oil at the port in Qingdao, in China's eastern Shandong province, on April 7, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT
China’s crude imports plunged in May to the lowest level in a decade and could languish for the coming months, as weaker demand, refinery cuts and limited exports help the world’s top buyer weather the impact of the Iran War.
China’s crude imports plunged in May to the lowest level in a decade and could languish for the coming months, as weaker demand, refinery cuts and limited exports help the world’s top buyer weather the impact of the Iran War.
An oil tanker is docked unloading crude oil at the port in Qingdao, in China's eastern Shandong province, on April 7, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT
Goldman Sachs Group Inc. sees two-sided risks to oil prices as a slump in demand competes with supply losses from the Middle East because of the Iran war.
Goldman Sachs Group Inc. sees two-sided risks to oil prices as a slump in demand competes with supply losses from the Middle East because of the Iran war.
Oil rose by the most since early May as traders priced in signals that energy flows out of the Middle East could be curtailed further.
The Motiva Port Arthur Refinery in Port Arthur, Texas, US, on Tuesday, April 14, 2026. US natural gas futures ended lower for a fifth consecutive session, erasing earlier gains as traders weighed plunging oil prices against mixed weather outlooks.
Chinese imports of crude oil are set to drop to levels not seen since the pandemic, as the war in Iran reveals the extent to which demand has disappeared and may not be coming back.
Chinese imports of crude oil are set to drop to levels not seen since the pandemic, as the war in Iran reveals the extent to which demand has disappeared and may not be coming back.
Plunging crude imports forced Chinese oil processors to sharply reduce output last month, with runs in the state-owned sector dropping to multiyear lows.
Plunging crude imports forced Chinese oil processors to sharply reduce output last month, with runs in the state-owned sector dropping to multiyear lows.
China’s gasoline demand is expected to slide further this year, as the Iran war pushes up oil prices and accelerates a long-term shift away from the internal combustion engine.
China’s gasoline demand is expected to slide further this year, as the Iran war pushes up oil prices and accelerates a long-term shift away from the internal combustion engine.
Saudi Arabian crude oil exports to China for loading in June are set to plunge to around 13 million to 14 million barrels, according to traders informed by the producer.
Saudi Arabian crude oil exports to China for loading in June are set to plunge to around 13 million to 14 million barrels, according to traders informed by the producer.
Oil pipes at the North Pier Terminal, operated by Saudi Aramco, in Ras Tanura, Saudi Arabia..
China’s private refiners have sought government approval to cut oil-processing rates, a month after Beijing ordered them to produce at any cost in order to secure domestic fuel availability.
China’s private refiners have sought government approval to cut oil-processing rates, a month after Beijing ordered them to produce at any cost in order to secure domestic fuel availability.
A refinery in China. Photographer: Andrew Wong/Getty Images AsiaPac
China’s private refiners have sought government approval to cut oil-processing rates, a month after Beijing ordered them to produce at any cost in order to secure domestic fuel availability.
China’s private refiners have sought government approval to cut oil-processing rates, a month after Beijing ordered them to produce at any cost in order to secure domestic fuel availability.
A refinery in China. Photographer: Andrew Wong/Getty Images AsiaPac
Oil edged higher as traders speculated on whether fresh clashes between the US and Iran would derail a fragile ceasefire, dimming hopes a peace deal may be struck soon.
Oil edged higher as traders speculated on whether fresh clashes between the US and Iran would derail a fragile ceasefire, dimming hopes a peace deal may be struck soon.
Oil fell a second day as US President Donald Trump said “Great Progress” has been made on a final agreement to end the war with Iran.
Marco Rubio, US secretary of state, during a news conference in the James S. Brady Press Briefing Room of the White House in Washington, DC, US on Tuesday, May 5, 2026. Rubio emphasized that the move to give military support to ships passing through the Strait of Hormuz near Iran is a “defensive operation,” saying the US will only fire if fired upon.
China has given state-owned refiners the green light to export 500,000 tons of fuels to a handful of regular customers, signaling the country is effectively easing an earlier ban on shipments.
China has given state-owned refiners the green light to export 500,000 tons of fuels to a handful of regular customers, signaling the country is effectively easing an earlier ban on shipments.
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