China's Oil Import Cuts Helped Limit Price Surge During Iran Crisis

China's 2026 crude imports were projected at 10.9 million barrels daily — the lowest since 2022 — as Beijing shifted policy to curb energy dependency. This demand reduction coincided with the Iran war and Strait of Hormuz shutdown, both of which disrupted global supply. Together, these forces kept oil prices below the $150–$200 range some analysts had forecast.