S&P Global Ratings global chief economist Paul Gruenwald noted that China's years of crude stockpiling and subsequent reduction in oil purchases since the Middle East war erupted in late February helped prevent a deeper energy crisis, especially when the Strait of Hormuz closure disrupted 20% of global energy supply. However, this buffer may be tested as China shows signs of resuming purchases. Brent crude prices, which had eased to around $80 a barrel, surged again in recent days, crossing $100 a barrel on Wednesday amid renewed hostilities between Iran and the U.S. in the Gulf. As of December 2025, China held an estimated 1.4 billion barrels of strategic crude oil inventories. Its crude imports dropped below 8 million barrels a day in May and June, but rebounded 22% and 6.2% month-on-month in July and August, respectively. Economists warn that if China resumes pre-war import levels, th