Market Signals
China's 2026 Oil Consumption Forecast to Decline by 4.9%
PetroChina's research unit forecasts China's oil consumption to drop by 4.9% in 2026, reaching 753 million tons, down from 792 million tons in 2025. This decline, equivalent to approximately 0.8 million barrels per day, is attributed to China's pivot towards new energy sources and sustained high oil prices due to the Iran conflict.
PetroChina Planning and Engineering Institute, Medium · Jul 16, 2026
Asian LNG Prices Surge to 4-Month High on Hormuz Disruptions
Asian spot LNG prices, benchmarked by the Japan-Korea Marker (JKM), soared to $19.93 per million British thermal units (MMBtu) on July 16, 2026, a nearly 20% jump in a single day. This surge, reaching the highest level since late March, is driven by renewed hostilities and a naval blockade in the Strait of Hormuz, severely disrupting LNG shipments from the Persian Gulf.
Business Times News, The Edge Singapore, MENAFN · Jul 16, 2026
Brent Crude Holds Above $84 Amid US-Iran Strait of Hormuz Tensions
Brent crude oil prices fluctuated around $84.55-$85.48 per barrel on July 16, 2026, remaining elevated due to intensified US military strikes against Iran aimed at safeguarding shipping through the Strait of Hormuz. The escalating conflict has pushed oil prices to near one-month highs, despite some daily dips.
Trading Economics, Times of India, Associated Press · Jul 16, 2026
Asian LNG Demand Forecast to Decline for Second Consecutive Year
Wood Mackenzie forecasts Asia Pacific LNG demand to fall to 257 million tons in 2026, down from 268 million tons in 2025, marking a second consecutive annual decline. This reduction is attributed to tightened global supply from Middle East conflicts and elevated spot prices, forcing buyers to cut volumes or switch fuels.
World Pipelines (Wood Mackenzie) · Jul 14, 2026
Asian LNG Spot Prices (JKM) Rise on Strong Southeast Asian Demand
The Japan-Korea Marker (JKM) spot LNG price increased to $16.58/MMBtu (+2.07%) on July 10, 2026. This rise is supported by persistent spot buy tenders from Southeast Asian buyers seeking prompt August deliveries and robust power-sector cooling demand in the region.
S&P Global Platts · Jul 12, 2026
Houthi Rebels Ban Israeli Shipping in Red Sea, Raising Conflict Risks
Yemeni Houthi rebels declared a ban on all Israeli shipping in the Red Sea following renewed missile exchanges between Israel and Iran. This development reignites concerns about an end to the 230-day lull in Houthi attacks and potential disruptions to vital maritime trade routes.
Lloyd's List · Jul 12, 2026
OPEC+ Approves 188,000 bpd Oil Production Increase for August
Seven OPEC+ nations, including Saudi Arabia and Russia, agreed to raise their collective oil production target by 188,000 barrels per day starting August 2026. This marks the fifth consecutive monthly increase, reflecting improving export flows through the Strait of Hormuz.
OPEC+, Al Jazeera · Jul 12, 2026
China's Oil Consumption Forecast to Decline by 4.9% in 2026
PetroChina's research unit projects China's oil consumption to fall by 4.9% in 2026 to 753 million tonnes (approximately 15.1 million barrels per day). This decline is attributed to the country's accelerated shift towards new energy sources and sustained high oil prices due to Middle East tensions.
PetroChina Planning and Engineering Institute · Jul 12, 2026
Suez Canal Increases Transit Surcharges for Most Vessel Types
The Suez Canal Authority (SCA) implemented higher transit surcharges effective July 15, 2026. Laden crude oil tankers now face a 37% surcharge (up from 25%), LNG and chemical carriers 32% (up from 20%), and dry bulk carriers 22% (up from 10%), significantly increasing shipping costs.
GMK Center, Splash247 · Jul 12, 2026
Brent Crude Rises to $78 Amid Escalating US-Iran Tensions
Brent crude oil prices climbed to $78 per barrel on July 12, 2026, on Hyperliquid, driven by renewed military strikes and heightened geopolitical tensions between the United States and Iran. This escalation has injected a significant risk premium into the market.
Invezz · Jul 12, 2026
Brent Crude Settles at $76.01/bbl, Up 5.5% Weekly Amid Geopolitical Tensions
Brent crude settled at $76.01 per barrel on July 11, experiencing a 5.5% weekly gain despite a daily dip, as renewed US-Iran hostilities and Strait of Hormuz disruptions kept a risk premium in oil prices. It briefly surged past $80 earlier in the week.
GulfToday.ae, Discovery Alert, HDFCSky, Trading Economics · Jul 11, 2026
Strait of Hormuz Shipping Traffic Cut by 15% Amid Renewed US-Iran Strikes
Renewed US-Iran airstrikes have reduced Strait of Hormuz ship traffic by 15% and brought the waterway to a near-standstill. An Iranian strike on a Qatari LNG carrier triggered the latest slowdown, extending risk beyond crude to gas supplies.
Crux Investor · Jul 11, 2026
