中国的 7 月原油进口攀升至三个月来最高水平,，但由于航道再次关闭且国内需求依然疲软，复苏可能是短暂的。
China的 crude oil imports climbed to the highest level in three months in July, though the recovery may be short-lived with the waterway shut again and domestic demand still soft.
根据 Wind Information, 汇编的官方海关数据，原油进口量较上年同期下降 24%,，较 6 月的 41% 降幅收窄，导致进口量跌至近十年来的低点。
Crude imports fell 24% from a year earlier, according to official customs data compiled by Wind Information, narrowing from June的 41% slump that brought imports to near a decade low.
美国与伊朗于 6 月中旬达成的备忘录已重新开放该海峡的商业交通,，但在新一轮的船只袭击事件发生后，这一安排在 7 月初, 迅速动摇。此后，随着石油动脉有效关闭,，交通运输已经崩溃，推高能源价格。
A U.S.-Iran memorandum reached in mid-June had reopened the strait to commercial traffic, but the arrangement quickly faltered in early July, after a fresh round of attacks on vessels. Transits have since collapsed to a trickle with the oil artery effectively shut, pushing energy prices higher.
凯投宏观 (Capital Economics) 中国经济主管 Julian Evans-Pritchard, 表示，" 的回升得益于霍尔木兹海峡在第二季度末短暂重新开放,"。
The pickup "was supported by the short-lived reopening of the Strait of Hormuz at the end of Q2," said Julian Evans-Pritchard, head of China economics at Capital Economics.
此次反弹是在全球最大原油买家经历了一段艰难的时期之后出现的。根据 Wind Information, 的数据，由于海湾战争切断了大部分中东供应，6 月份, 进口量下滑至约 2930 万吨，为 2016 年 10 月, 以来的最低水平。
The rebound follows a punishing stretch for the world的 largest crude buyer. Imports slid to about 29.3 million tons in June, the lowest since October 2016, according to Wind Information, as the war in the Gulf choked off most Middle Eastern supply.
炼油厂依靠大量库存, 来减少原油加工，而不是支付战时溢价。根据美国能源情报署的数据，截至 2025 年 12 月,，中国的战略原油库存达到近 14 亿桶。
Refiners have leaned on the massive stockpiles, reducing crude processing rather than paying wartime premiums. China的 strategic crude oil inventories reached nearly 1.4 billion barrels as of December 2025, according to the U.S. Energy Information Administration.
这种缓冲意味着北京方面认为恢复进口并不紧迫。 China is not "in a hurry" to ramp up purchases while inventories remain high, said Tianchen Xu, senior economist at the Economist Intelligence Unit.
That cushion means Beijing sees little urgency in resuming imports. China is not "in a hurry" to ramp up purchases while inventories remain high, said Tianchen Xu, senior economist at the Economist Intelligence Unit.
"中国是石油的机会主义买家,"他说,补充说，只有持续数周的局势缓和—足以拉低油价—才会为中国大规模购买"打开一个窗口。"
"China is an opportunistic buyer of oil," he said, adding that only a de-escalation that sustained over several weeks — enough to pull oil prices down — would open a window for China to buy "en masse."
凯投宏观 (Capital Economics) 中国经济主管朱利安·埃文斯-普里查德 (Julian Evans-Pritchard), 表示，复苏可能已经开始减弱,。
The recovery may already be fading, said Julian Evans-Pritchard, head of China economics at Capital Economics.
中国的的石油进口量可能会在8月份停滞，"甚至可能会有所逆转,"他说,，因为近期海峡的重新关闭期间油价反弹鼓励炼油厂更多地依靠库存减少而不是进口。
China的 oil import volumes will likely stall in August and "may even go into reverse somewhat," he said, as the recent rebound in oil prices amid the strait的 renewed closure encourages refiners to lean more heavily on inventory drawdowns over imports.
伊朗和阿曼即将敲定一个涵盖通过伊朗领海的所有入境交通以及通过靠近阿曼,航线的出境交通的框架，不过该安排旨在限制来自美国和以色列等某些国家的船只。
Iran and Oman were close to finalizing a framework covering all inbound traffic via Iranian territorial waters as well as outbound traffic through a route closer to Oman, though the arrangement seeks to restrict ships from certain countries including the U.S. and Israel.
最近几天，通过霍尔木兹海峡的航运量急剧下降。根据 Kpler 船只跟踪数据,，周三只有两艘船只通过该水道,，低于一天前的 8 艘,，而战前的基准为每天大约 130 到 140 艘。
Shipping traffic through the Strait of Hormuz has fallen sharply in recent days. Only two vessels transited the waterway on Wednesday, down from eight a day earlier, according to Kpler vessel-tracking data, against a pre-war baseline of roughly 130 to 140 daily transits.
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