Oil prices return to $100 as China demand becomes key

U.S. crude oil prices climbed above $100 a barrel this week for the first time since May, after fighting intensified in the Persian Gulf and disrupted major energy routes. The move pushed the market closer to earlier wartime highs, though prices remain below the peak reached in April. Analysts say China could be the main factor determining whether the rally continues. Traders and energy strategists note that Chinese refiners have started increasing crude purchases, helped by stronger refining margins and lower imports earlier in the war. That demand could tighten the market further if it continues. At the same time, some analysts expect China’s buying to rise only gradually rather than return to prewar levels. They also point to shrinking global inventories and the nearing end of emergency stockpile releases as additional support for higher prices.