China dips back into oil market as Hormuz hostilities stoke prices

After drastic pullback cushioned war shock, analysts say country keen to shore up inventory A tanker unloads imported crude oil in Qingdao, China, on Sept. 2. Chinese oil imports have rebounded from lows after the outbreak of the Iran war, although they remain below prewar levels. (Costfoto/NurPhoto via Getty Images) TOKYO — China is returning to the oil market at a time when renewed hostilities in the Strait of Hormuz are putting upward pressure on prices.

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