China Crude Oil Imports Rise After US-Israel War on Iran

China's crude oil imports have begun to increase after several months of restrained buying during the US-Israel war on Iran, according to the South China Morning Post. Analysts do not anticipate a rapid return by China to pre-conflict import levels due to high crude prices that may pressure refinery margins and sufficient stockpiles covering several months.

In August, Chinese customs data showed crude imports climbed 6.2% from the prior month to 37.9 million tonnes, marking the strongest import level in four months, yet remaining more than 23% below the year-earlier level of 49.4 million tonnes.

The pickup has carried into September, with Chinese crude imports reaching 7.84 million barrels per day, up from 7.25 million barrels per day in the previous month, according to trade intelligence firm Kpler. A year earlier, the reading stood at 9.76 million barrels per day.