Refiners in China are aggressively restocking after a sluggish June, a move that analysts suggest could provide a floor for global oil prices. The 1.6 million barrel-per-day jump represents a significant shift in appetite, fueled by a steady arrival of tankers from key suppliers. These volumes are landing just as the market attempts to recalibrate following weeks of extreme volatility linked to the Strait of Hormuz.

Oil prices recently retreated from multi-year highs after the U.S. and Iran suspended mutual strikes over the weekend. For thirteen nights, conflict in the region had crippled maritime traffic, forcing vessels to divert and pushing Brent crude above $100 per barrel. While the silence on the front lines has offered a temporary reprieve for shipping lanes, skepticism remains high. Senior Iranian officials have dismissed the current calm as a tactical maneuver rather than a diplomatic breakthrough, citing a deep-seated distrust of American intent. The sustainability of this lull remains the primary variable for global energy markets.