China's Oil Imports Plummet to Four-Year Low Due to Iran Tensions

China's crude oil imports recorded a sharp decline during the past month of April, reaching their lowest level in nearly four years, amid the repercussions of tensions related to the war in Iran and the closure of the Strait of Hormuz. Chinese customs data showed a 20% drop in crude imports compared to the same period last year, reaching 38.5 million tons, the lowest level since July 2022. China, the world's largest oil importer, relies on the Middle East to secure about half of its crude needs, while the disruption of navigation through the Strait of Hormuz has reduced the number of tankers heading to global markets. Natural gas imports also recorded a 13% decline to reach 8.42 million tons. Despite the monthly decline, crude oil imports during the first four months of the current year remain up by 1.3% compared to the same period last year, reaching 185.3 million tons.