Goldman Sachs Group Inc. sees two-sided risks to oil prices as a slump in demand competes with supply losses from the Middle East because of the Iran war.
Chinese imports of crude oil are set to drop to levels not seen since the pandemic, as the war in Iran reveals the extent to which demand has disappeared and may not be coming back.
China’s buying of oil from overseas slumped to the lowest in more than eight years last month as the Iran war crimped supply and Beijing held off scrambling for replacement barrels.
China’s crude imports plunged in May to the lowest level in a decade and could languish for the coming months, as weaker demand, refinery cuts and limited exports help the world’s top buyer weather the impact of the Iran War.
An oil tanker is docked unloading crude oil at the port in Qingdao, in China's eastern Shandong province, on April 7, 2026. (Photo by CN-STR / AFP via Getty Images) / China OUT
Oil rose by the most since early May as traders priced in signals that energy flows out of the Middle East could be curtailed further.
The Motiva Port Arthur Refinery in Port Arthur, Texas, US, on Tuesday, April 14, 2026. US natural gas futures ended lower for a fifth consecutive session, erasing earlier gains as traders weighed plunging oil prices against mixed weather outlooks.
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