Oil Slides, Metals Jump as Hormuz Impacts China Imports Maritime Activity Reports, Inc. By Clyde Russell May 12, 2026 Copyright Maksym Yemelyanov/AdobeStock The Iran war is starting to shape China's imports of major commodities, with April data showing a sharp decline in crude oil but rising trade in metals. The headline-grabbing number from the figures released last week by customs was the slide in arrivals of crude oil, with the world's biggest importer taking in 9.37 million barrels per day (bpd), the lowest in almost four years. April's imports were down 20% from the same month in 2025 as seaborne imports from the Middle East declined sharply amid the effective closure of the Strait of Hormuz since the U.S. and Israel attacked Iran on February 28. China received just 648,000 bpd that came through the Strait of Hormuz in April, according to data compiled by commodity analysts Kpler, down from an average of 4.07 million bpd in the three months from January to March. March and April would have seen the last of the tankers that exited the strait prior to the start of the conflict discharge in China, although some vessels have made it out in recent weeks despite both the United States and Iran effectively saying the narrow waterway is closed, or under blockade. Another factor to consider when assessing China's crude oil imports is price, and the drop in April fits the pattern of the past decade of increasing imports when prices drop and declining arrivals when they rise. The sharp rise in crude prices after the start of the conflict would have deterred China's refiners from buying their usual volumes, especially since prices for physical cargoes soared to levels well above futures for a period of several weeks. Brent futures reached a 2026 high of $126.41 a barrel on April 30, up 74% from the close of $72.48 on February 27, while some physical cargoes traded at premiums of around $40 over futures at that time. CHINA HELPS? The drop in China's crude imports has helped