China’s August oil throughput rises as fuel exports rebound amid Iran conflict

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China’s August oil throughput rises as fuel exports rebound amid Iran conflict

Crude oil all time high predictions

by
Estefano Gomez

Sep. 15, 2026

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Photo by Jan Zakelj

China’s oil throughput saw a notable increase in August, driven by a rebound in fuel exports against the backdrop of ongoing conflict in Iran. The resurgence in fuel exports indicates a heightened demand for oil, suggesting potential supply constraints as geopolitical tensions persist in the Middle East. This development comes as major oil producers and market observers closely monitor the situation, which could impact global oil supply and pricing dynamics.

Market participants appear to interpret the rise in China’s oil throughput as consistent with scenarios where crude oil might approach new all-time highs. Currently, the market pricing for crude oil reaching a new all-time high by September 30 remains low, with a 1.9% likelihood. However, the odds for such an event by December 31 have seen a significant increase, currently standing at 16.5%, suggesting that participants consider a longer timeframe for potential escalation of prices.

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The situation remains fluid as key figures in the energy sector, including OPEC’s Secretary General Mohammad Sanusi Barkindo, the IEA’s Executive Director Fatih Birol, and Saudi Energy Minister Abdulaziz bin Salman Al Saud, continue to assess the implications of the Iran conflict on oil markets. Their actions and statements could further influence market expectations in the coming weeks.

Key Takeaways

• China’s increased oil throughput suggests growing demand and potential supply constraints amid the Iran war.
• Market pricing for crude oil reaching a new all-time high by December 31 has increased to 16.5%, reflecting heightened anticipation of future price movements.
• Key energy figures are closely monitoring the situation, which could lead to further shifts in market expectations.

What to Watch

Watch for any announcements from OPEC regarding production adjustments, as these could significantly impact market dynamics. Additionally, geopolitical developments in the Middle East, such as changes in the Iran conflict or peace negotiations, could alter market sentiment. The actions and statements from influential energy leaders will also be crucial in shaping market participants’ expectations about future oil price movements.

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Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.