Why have China’s oil prices reached a record high?

Oil prices in China reached record highs on Wednesday, driven by escalating conflicts between Saudi Arabia and Yemen's Houthis, which have disrupted global oil supplies. Although China had previously helped keep prices lower by drastically reducing its imports, a return to more normal import levels could exacerbate price increases if the Middle East conflict continues. The current surge in prices has pushed China’s oil costs above 130 US dollars per barrel, highlighting concerns about the stability of global energy markets and potential risks to economic growth. The United States’ decision not to intervene in the conflict, despite meetings with Houthi leaders, raises questions about regional security and the future of critical oil routes.