China's SC Crude Oil Futures Close at 514.7 Yuan/Barrel on July 16 as Geopolitical Tensions Persist

According to Hengyin Futures, on July 16, China's SC crude oil futures main contract SC2609 closed at 514.7 yuan per barrel. The Strait of Hormuz geopolitical tensions between the U.S. and Iran continue to elevate, pushing Middle Eastern crude export risks higher and supporting a premium in supply-side pricing.

However, U.S. commercial crude oil inventories declined less than expected, while low capacity utilization at Asian refineries has weakened actual demand, capping upward price momentum. Short-term geopolitical developments are expected to remain the primary driver of crude oil prices.