China's role as 'swing importer' cushions oil market spike

EnergyAbility to cut imports mitigates loss of supply due to Hormuz closureAn oil tanker docks at a terminal off Waidiao island in China's Zhejiang province. (China Daily via Reuters)HIROFUMI MATSUOJuly 19, 2026 14:00 JSTTOKYO -- The U.S.-Iran military conflict was expected to send crude oil prices soaring due to the disruption of tanker traffic through the Strait of Hormuz. Instead, China's efforts to rebalance its demand has kept price increases in check.