Beijing consumes approximately 17 million barrels of oil per day and relies on imports for more than 70% of its needs. Roughly 45-50% of its oil imports pass through the Strait of Hormuz, the narrow maritime artery that transports around 20 million barrels daily–about one-fifth of global seaborne oil trade. With Iran announcing restrictions on vessel passage, partial shipment suspensions, and marine insurance premiums tripling, the worst-case scenario has become plausible: a partial or total disruption of Gulf oil flows. This surge is not merely a trading-floor statistic; it is a seismic shock to the core of China’s economy. A $10 increase in oil prices could shave approximately 0.1-0.2% off GDP growth.

Source: Daily News Egypt March 04, 2026 16:45 UTC