Global oil prices remain surprisingly low despite the ongoing war in Iran. China's drastic cut in oil imports is a major factor. Demand destruction and increased production from other regions also contribute. Refineries show greater flexibility in processing and output. The market is also influenced by improved information flow and strategic reserve releases.

China has reduced oil imports since the start of the Iran war, capping global crude prices.

0749 GMT - Oil prices erase most of the previous session's gains after Israel and Iran halted attacks on each other following a recent escalation that threatened regional…