Chinese oil demand has surged unexpectedly, pushing Shanghai crude prices above $100 per barrel. As of September 7, 2026, Brent crude was trading between $97.20 and $97.70 per barrel, marking a significant increase from late August levels. China’s role as a key marginal buyer gives it significant influence on global oil pricing dynamics. Prediction markets price only a 1.3% probability of crude reaching a new all-time high by September 30, but 9.5% by December 31. Market participants are closely watching geopolitical tensions, OPEC production decisions and other supply factors that could influence prices.
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