The Price of Global Turmoil: China's Rise and the Oil Market's Next Move Oil prices have surged to wartime highs, reaching $102 a barrel in Brent crude, their highest close since May.
A perfect storm of conflict, sanctions, and supply chain disruptions has pushed prices upward. Amidst this chaos, one player stands out: China.
China's massive petroleum reserve and savvy buying habits have kept prices in check, but not for much longer. The country's role as the world's swing consumer is well documented.