China's Crude Oil Futures Surge Over 8% on July 9 Amid U.S.-Iran Tensions

According to Jin10, China's crude oil futures surged more than 8% on July 9, driven by escalating U.S.-Iran tensions and uncertainty surrounding a previously reached memorandum of understanding. Analysts warn that if the bilateral accord collapses, disruptions to shipping through the Strait of Hormuz could tighten global crude supply, potentially pushing WTI crude prices back toward $80 per barrel. At least four oil tankers have already rerouted from the strait as market concerns mount.

The International Monetary Fund recently lowered its 2026 global growth forecast to 3%, which analysts say could dampen long-term commodity demand. Traders are advised to exercise caution given current price volatility.