China's Energy Chokepoint: Half Its Oil, One-Third Its Gas Flow Through Hormuz

China imported roughly 50% of its crude oil and nearly 33% of its liquefied natural gas from the Middle East in 2025. Most passes through the Strait of Hormuz—a corridor handling 20 million barrels daily that sits in active geopolitical stress. A sustained disruption would force Chinese refiners into spot markets simultaneously, spiking global prices and freight rates. Traders are repricing the tail risk, not claiming closure is imminent. For hedgers and importers, the calculus shifted when futures moved.