Chinese demand for Russian oil surges amid supply constraints. Crude oil reaching a new all-time high by December 31 at 11.5% YES.

Oil prices rise due to Strait of Hormuz risks and increased Chinese buying. Crude oil reaching a new all-time high by December 31 at 9.5% YES.

Chinese oil demand surges, pushing Shanghai crude above $100. New all-time high by September 30 at 1.3% YES, by December 31 at 9.5% YES.