The global oil market experienced one of its most tense periods in the week ending September 11, 2026. This period was particularly influenced by the escalation of military conflicts in the Persian Gulf and attacks on oil tankers. In this context, the risks in the Strait of Hormuz, through which about 20% of the world's oil passes, significantly increased.
Impact of Conflicts on Oil Prices
During this time, the price of Brent crude oil reached $95 per barrel, indicating a 5% increase compared to the previous week. Additionally, the price of West Texas Intermediate (WTI) crude oil approached $90 per barrel. This price increase was due to concerns about supply disruptions and security along oil transportation routes.
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China's Consumption Developments
Moreover, new statistics from China's oil consumption indicate that the country is currently facing increased demand. It is expected that China's oil consumption will reach 15.5 million barrels per day in 2026, reflecting a 3% growth compared to last year. This increase in demand is due to improved industrial activities and economic growth in China, which in turn has put more pressure on the global oil market.
Furthermore, analysts believe that this combination of geopolitical risks and increased demand from China could lead to greater volatility in the oil market. In this situation, major oil companies such as Aramco and Shell are exploring new strategies to manage existing risks and minimize negative impacts on their production and supply.
Ultimately, given the current situation, it is expected that the oil market will continue to be influenced by these factors in the coming weeks and experience significant price fluctuations. Therefore, investors and analysts must closely monitor the market situation and developments related to the Persian Gulf and China.
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