Overview
- China’s Foreign Ministry called for an immediate halt to military operations and for navigation through the Strait of Hormuz to be safeguarded, citing deep concern over escalation.
- Tanker movements through Hormuz have largely paused as war-risk insurers withdraw coverage, while Qatar halted output at Ras Laffan after an Iranian drone strike pushed LNG prices higher.
- Executives at Chinese state energy firms say officials are urging Iran to avoid strikes on oil and LNG vessels and to steer clear of export hubs such as Qatar, which supplies roughly 30% of China’s LNG.
- Chinese refiners have trimmed purchases of Iranian crude and leaned on discounted Russian barrels to stabilize supplies, supported by strategic oil stockpiles estimated at 1.2–1.4 billion barrels.
- China imported about 1.38 million barrels per day of Iranian oil in 2025, much of it discounted by US$10–20, a lifeline for independent ‘teapot’ refineries now facing higher costs as Beijing accelerates diversification and clean-energy plans.