FILL’ER UP: China’s Looming Oil Import Rebound Threatens to Jolt a Market Already Rattled by Hormuz. “Supertanker tracking data indicates China is poised to significantly boost crude imports, with 65 VLCCs bound for its ports over the next 90 days, the highest count since mid-May. This demand rebound threatens to collide with a structurally constrained supply picture as the Strait of Hormuz remains far from normal operations following U.S.-Iran military exchanges. Brent crude surged 3.5% above $78 on renewed strait tensions, while analysts warn that depleted strategic reserves in both the U.S. and China leave little buffer against a simultaneous supply shock and demand surge. Experts anticipate Chinese refiners, enjoying strong margins, will restart idled capacity by late August, potentially pushing prices toward $90 a barrel and complicating the Trump administration’s efforts to keep fuel costs low before the November midterm elections.”

Meanwhile: Trump says US will blockade Iran in the Strait of Hormuz and charge ships for safe passage.