Chinese crude oil prices surged to a record high of 929.4 yuan per barrel after a Saudi Arabian pipeline shut down, as Chinese refineries aggressively purchased oil at premium prices.
On September 15, 2026, at 1:11 PM, Bloomberg News reported that crude oil futures traded in Chinese yuan surged to a record high after a pipeline shutdown in Saudi Arabia impacted global oil supply. Meanwhile, refineries in China, the world's largest oil importer, accelerated their crude oil purchases.
Crude oil futures prices on the Shanghai International Energy Exchange surged to a high of 929.4 yuan, or approximately $138.50 per barrel, the highest level since data began to surface in 2561, the year China started trading such contracts.
China's benchmark crude oil price tends to follow similar quality crude oil in the global market. Recently, Oman and Murban crude contracts traded above $126 per barrel.
Meanwhile, US dollar-denominated crude oil futures, such as Brent, have risen to their highest levels in several months recently, following disruptions to oil pipelines in Saudi Arabia, coupled with increasing uncertainty in the Middle East and the lack of indications that either the United States or Iran is ready to de-escalate the conflict.
Oil prices were also supported by increased buying by Chinese refineries. Chaos Ternary Futures indicated that Chinese refineries have now become a significant additional buyer in the crude oil market, purchasing oil at premium prices and with high transportation costs, resulting in strong Shanghai crude oil prices relative to international benchmark prices.
The research firm estimates that, in the medium term, the only factors that could potentially cool down oil prices are an economic recession or a relaxation of geopolitical tensions.
For crude oil contracts traded in Shanghai, several grades of medium-sour crude are used as underlying assets, and delivery to domestic oil storage facilities is possible.
Therefore, the price of Chinese crude oil futures does not reflect only the price of the oil itself, but also includes the impact of transportation costs, which have risen sharply in recent times. This is another factor that has driven Chinese crude oil futures prices to record highs.
Reference: www.bloomberg.com
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