Chinese oil prices hit record high - Semafor

Oil prices in China hit record highs Wednesday, as energy disruptions from an escalating Middle East conflict spilled into the world’s largest market for imported crude.

China has helped keep oil prices in 2026 down by slashing its imports, but Beijing is “coming back off its crash diet,” an energy analyst said, raising fears that prices could surge if fighting between Saudi Arabia and Yemen’s Houthis continues to disrupt supply. Brent crude prices fell on reports Saudi could partially restore a damaged pipeline within days.

The US has opted not to intervene after meeting with Houthi leaders, but inaction risks empowering the rebels who now “threaten one of the world’s most important oil routes,” a former White House envoy wrote for Semafor.