The impact of the Mideast conflict on China continues to ripple across the world. Its jet fuel output fell drastically in the second quarter after Beijing slashed jet exports and fuel surcharges on flights cut into domestic demand. Consumption trends were expected to recover this quarter after the Strait of Hormuz started reopening in mid-June, sending oil prices and passenger fuel surcharges lower. But escalation in US-Iran tensions has dashed any hope of more tankers transiting Hormuz, and attacks by Yemeni Houthis on Saudi crude cargoes this week are adding more propulsion to oil market spikes.