Chinese oil prices hit record high
Oil prices in China hit record highs Wednesday as energy disruptions from an escalating Middle East conflict affected the world’s largest market for imported crude. China had helped keep prices down by slashing imports, but an analyst said Beijing is “coming back off its crash diet.” Brent crude prices fell on reports that Saudi Arabia could partially restore a damaged pipeline within days.
Why it matters: This matters for the energy disruptions theme because renewed Chinese demand could amplify the price impact of Middle East supply threats.