The oil market has managed to maintain prices below $100 a barrel, countering expectations of a summer supply crunch. This stability is attributed to reduced imports from China, which have helped to mitigate supply issues caused by the recent closure in the Strait of Hormuz. The article highlights the role of Chinese actions in alleviating concerns over global oil stockpiles.

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Oil market defies predictions of summer supply crunch

Crude prices stay below $100 a barrel as China’s import cuts help eke out global stockpiles

A person stands in shallow water in the foreground as several cargo and commercial vessels are anchored in the distance on the Strait of Hormuz. Chinese action has helped alleviate the supply crisis caused by the Strait of Hormuz closure© Amirhosein Khorgooi/AP

Malcolm Moore in London

PublishedJune 9 2026

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