US officials said Iran had struck two tankers traversing the Strait of Hormuz, testing a ceasefire that has helped almost halve oil prices from their recent April peak.
While some Gulf countries have ramped up oil shipments to near pre-Iran war levels — Saudi Arabia has exported 34 million barrels since the June 17 ceasefire — experts suggest the flow of oil through the strait may never fully recover.
Exporters will be hoping that China, by far their biggest buyer, will replenish its stockpile and lift crude prices, underscoring Beijing’s growing clout over the global oil market. However, the country’s rapid rollout of green energy means future demand will likely fall. “China giveth and China taketh away,” Bloomberg’s Javier Blas wrote.