China Rushes to Secure Russian Oil as Middle East Supply Risks Escalate
Chinese refiners have purchased all crude oil cargoes scheduled to load from Russia's Far East port of Kozmino in August, weeks earlier than usual, as escalating Middle East supply risks drive a scramble for alternatives. The rush for Russia's ESPO blend has narrowed its discount to Brent crude from $3-4 per barrel to just $1. The surge in demand follows renewed hostilities in the Middle East, including Iranian attacks on vessels in the Strait of Hormuz, U.S. strikes on Iranian targets, and Houthi attacks on tankers in the Bab el-Mandeb Strait. The Strait of Hormuz is once again closed, paralyzing Persian Gulf oil flows. Brent crude prices have hit $100 per barrel amid the deepening supply crisis. Chinese buyers, who typically wait until late in the month for next month's Russian cargoes, are now stockpiling due to the short one-week transit time from Kozmino to China's east coast.
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