Yuan-denominated crude oil futures hit 929.4 yuan per barrel, approximately $138.50, on September 15, their highest level since the contract launched in March 2018. Drone attacks attributed to Iran-aligned militias operating from Iraq severely damaged Saudi Arabia’s East-West pipeline, forcing a temporary halt to operations representing approximately 4% of global oil supply. Repair estimates put the timeline at four to six weeks. As the world’s largest crude oil importer, China faces considerable purchasing pressure, with refiners processing roughly 14 million barrels per day. Brent crude climbed to approximately $107-108 per barrel, while Oman and Murban benchmarks exceeded $126 per barrel.
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