A surge in Chinese oil demand is causing a global rise in crude prices, with significant spikes observed from Congo to Brazil. This development occurs amid ongoing disruptions at the Strait of Hormuz, a critical oil transit chokepoint, and geopolitical tensions in the Middle East. China’s competitive position as the world’s largest crude importer means its demand patterns can significantly influence global oil prices. Market forecasts suggest that crude oil could reach a new all-time high, particularly by year-end, as geopolitical disruptions continue to affect supply and the physical oil market remains tight.
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