Millions of barrels still move through the world’s most critical energy chokepoint as Beijing quietly stockpiles crude
MARKET INSIDER – Even as the war in the Middle East threatens to choke off one of the world’s most important energy routes, Iran has continued shipping millions of barrels of crude oil to China through the Strait of Hormuz, underscoring Beijing’s strategic drive to secure energy supplies amid rising geopolitical risk.
Satellite tracking data shows that at least 11.7 million barrels of Iranian crude have passed through the strait since hostilities began on Feb. 28, according to tanker monitoring firm TankerTrackers. Nearly all of those shipments were destined for China, which has emerged as the primary buyer of Iranian oil in recent years.
The continued exports highlight a paradox at the heart of the conflict. While tanker traffic through the narrow waterway has slowed dramatically as vessels avoid potential attacks, Iranian shipments have still managed to move through the channel—often with ships turning off tracking systems to avoid detection. Data from Kpler estimates that roughly 12 million barrels of crude have transited the strait since the war began.
The Strait of Hormuz, which sits between Iran and Oman, normally handles around one-fifth of global oil and gas trade. Since the conflict escalated, shipping activity has slowed to a trickle as insurers raise war-risk premiums and tanker operators steer clear of the volatile corridor. At least ten vessels have been attacked near the passage since the start of the war, according to the International Maritime Organization.
Tehran has also explored alternative export routes. Iran has resumed limited loading operations at the Jask oil terminal, a facility on the Gulf of Oman designed to bypass the Strait of Hormuz entirely. However, analysts say the terminal remains inefficient compared with the country’s primary export hub at Kharg Island, where most of Iran’s crude shipments are traditionally loaded.
Meanwhile, China appears to be quietly expanding its strategic oil stockpiles. The country’s crude imports jumped nearly 16% in the first two months of the year, according to customs data, while analysts estimate Beijing has built reserves of roughly 1.2 billion barrels—enough to cover three to four months of domestic demand.
The buildup reflects Beijing’s growing concern about global supply disruptions, particularly as U.S. geopolitical pressure targets two of its key suppliers, Iran and Venezuela.
For global markets, the message is clear: even amid war and shipping chaos, energy flows rarely stop—they simply reroute. The deeper question now is whether China’s quiet stockpiling signals preparation for prolonged geopolitical instability—or a strategic bet that the next major oil shock is already underway.
