As the situation in the domestic fuel market requires attention, Beijing has also recommended that leading companies refrain from new contracts and cancel already agreed fuel supplies outside the country. However, supplies of aviation and bunker fuel stored in customs warehouses are not subject to this restriction. Additionally, authorities have allowed continued exports to Hong Kong and Macau.
Archive photo. After the closure of the strait by Tehran, dozens of tankers found themselves waiting on both sides of the Hormuz Strait
Analysts warn that China and other countries in the region may be among those most affected by the closure of the Hormuz Strait, which is a key route for global oil trade. Until recently, one-third of all global raw material supplies passed through this strategic waterway, and China has been significantly dependent on oil imports from Iran.
By 2024, Iran's share in Chinese oil imports was about 14%. According to experts, by the beginning of spring 2026, oil reserves in China should meet the country's needs for more than 130 days. In the event of further escalation of the conflict between Iran and the USA, as well as Israel, the situation in the Chinese fuel market could seriously deteriorate.
It was previously reported that the Islamic Revolutionary Guard Corps of Iran claims to have struck 10 tankers and fully controls the Hormuz Strait.
After the closure of the strait, tankers have accumulated on both sides of the waterway.
It is important to note that the Hormuz Strait is a vital route through which about 20% of global oil supplies and up to 30% of liquefied natural gas from Persian Gulf countries such as Iraq, Saudi Arabia, Kuwait, Bahrain, Qatar, and the UAE flow to Asian markets.
The blockage of this corridor could lead to a sharp rise in energy prices, and experts predict that the price of oil could rise to $100 per barrel.
