China Crude Imports Soar as US-Iran Halt Fails to Boost Prices

China's crude oil imports have seen a significant surge this month, with the daily average reaching 7.8 million barrels, according to calculations by Kpler cited in a Bloomberg report. This is a substantial increase from the 6.2 million barrels imported daily in June, which was the lowest rate for China in over ten years.

The rise in imports could be attributed to refiners buying more Russian crude and receiving tankers from the Middle East. The July average would mark a solid increase from the previous month's import rate.

Despite this uptick, oil prices retreated from last week's highs due to reports of a pause in hostilities between the United States and Iran. However, there is skepticism about the genuine nature of this halt, with some viewing it as tactical rather than a genuine attempt at peace.