China crude oil imports fall sharply amid Strait of Hormuz disruptions

China’s crude oil imports have experienced a significant decline, driven by rising prices and disruptions in the Middle East. In the second quarter of 2026, China averaged 8.1 million barrels per day (bpd), a 32% decrease from the first quarter. Monthly imports fell below 8.0 million bpd in May and June, reaching levels not seen since 2016.

The reduction is largely attributed to conflict-related disruptions in the Strait of Hormuz, a critical maritime chokepoint. Following military actions involving the United States, Israel, and Iran in February 2026, the effective closure of the Strait impacted approximately 20% of global crude oil and refined product flows. This instability pushed benchmark Brent futures to a four-year high of $126.41 per barrel in late April.

Data indicates that China is effectively balancing Asia’s crude oil demand. While total Asian oil imports in July were 22.82 million bpd, this remains significantly lower than the average seen prior to the conflict. Major waterborne import drops for China included shipments from Iraq, Russia, and the United Arab Emirates. Despite the volatility, China maintains a substantial crude stockpile, estimated by analysts to be at least 1.2 billion barrels.