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JP Morgan: Hormuz Strait Reopening Floods Market With Crude Oil as China Cuts Imports

GateNews
Commodities
According to JP Morgan commodity strategist Natasha Kaneva via Yahoo Finance on July 5, the international crude oil market faces a supply-demand mismatch following the reopening of the Hormuz Strait. Oil supply is surging into markets that had adapted to functioning without it, while China—which had been a major buyer during 2025—has abruptly halted large-scale purchases. Kaneva noted that crude leaving the Persian Gulf now has fewer destinations, but China is not buying. The market faces temporary oversupply risk as systems that have operated without oil for months readjust. However, oil prices are unlikely to collapse, as Chinese refineries and other countries will eventually resume restocking. The IEA expects global demand to fall by 1.1 million barrels per day this year, with substantial crude supplies projected through 2027.
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