U.S. media: The closure of the Strait of Hormuz due to U.S.-Iran tensions has lasted over four months. Analysts originally predicted oil prices would surge to $150–200 per barrel, triggering a global economic recession. However, the Brent crude benchmark remains below $100, primarily because China's crude oil imports have dropped sharply by approximately 3 million barrels per day.
China has filled the gap by reducing gasoline vehicle usage, shifting air travel to rail, lowering operating loads at petrochemical production facilities, and tapping into strategic reserves. Yet analysts question how long such reductions can be sustained. Should China resume its import demand, global oil prices and economic stability will face severe tests.
Original source: toutiao.com/article/1867689327935488/
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