Crude Oil Price Surges Amid Reopening of Strait of Hormuz and Increased Chinese Demand

The crude oil price has been rising for the third consecutive day, with Brent reaching a high of $83.75, up by 7.30% from its lowest level this week.

This rebound is attributed to China's increased oil purchases and Iran's publication of details regarding the reopening of the Strait of Hormuz.

China has been largely absent from the market during the US-Iran conflict, but recent data shows that pipeline and seaborne flows jumped by 22% in July, with imports reaching 8.45 million barrels per day.

The increased oil demand is crucial as China is the world's largest crude oil importer.