China Crude Oil Imports Expected to Rise in July

China's crude oil imports are anticipated to rise significantly in July, with daily averages projected to reach 7.8 million barrels, according to Kpler data cited by Bloomberg. This increase follows a sharp decline in June, when imports averaged 6.2 million barrels per day, the lowest rate in over a decade. The surge is attributed to increased purchases of Russian crude and a greater number of tankers arriving from the Middle East.

This potential rise in Chinese demand comes as global oil prices have recently retreated from highs. The decline was spurred by reports of a pause in mutual attacks between the United States and Iran, which has raised hopes for de-escalation. The U.S. had been conducting airstrikes for several nights, leading to renewed traffic freezes in the Strait of Hormuz and expanded hostilities into the Red Sea, where Houthi forces initiated a maritime blockade and attacked tankers.

However, optimism for a lasting peace remains subdued. An unnamed senior Iranian official expressed skepticism, viewing the pause as tactical rather than genuine, and cited past experiences of perceived U.S. deception. The official indicated that Iran would not resume attacks as long as the U.S. refrains from doing so.