The Shanghai International Energy Exchange saw the contract reach approximately $138.50 per barrel, driven by the forced shutdown of Saudi Arabia’s East-West pipeline. With no clear timeline for the pipeline’s restoration, markets remain on edge. The disruption threatens to bypass the Strait of Hormuz, a vital artery for global energy transit that has already faced significant logistical volatility.

Global benchmarks mirrored this regional turbulence as Brent Crude climbed to $108 per barrel and WTI pushed past $103. While the Chinese futures contract specifically tracks grades like Oman and Murban—which are currently trading above $120—the broader market upward pressure is compounded by Chinese refiners aggressively scaling up their procurement strategies to secure supply amidst the escalating geopolitical standoff.