China’s gasoline-car market slumps as Middle East-driven fuel costs rise

Rising oil prices tied to escalating Middle East tensions are squeezing China’s fuel market, pushing May crude imports down to an eight-year low of 7.8 million barrels a day, down 33% year on year. Refinery throughput fell 9.1% from a year earlier and average run rates slid to 66.3%, the lowest in four years. Over the same period, gasoline cars saw steep discounting promotions, but supply-side pressure on gasoline has become more visible. This chain of data points signals tighter crude and refined-product supply and adds short-term upside momentum for crude oil and gasoline.