China's Oil and Gas Lifeline Through Hormuz Faces Geopolitical Risk

China relies on the Middle East for half its crude oil and a third of its liquefied natural gas, with most shipments transiting the Strait of Hormuz—a waterway handling 20 million barrels daily. Sustained disruption would force Chinese refiners into spot markets simultaneously, spiking global crude and shipping costs. Traders are pricing in tail risk, though closure isn't imminent. For hedgers and importers, market repricing has already shifted the calculus.