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China’s Yuan Crude Oil Futures Jump to Record High
oilprice.com · September 15, 2026 · Week 2026-38
Summary
Yuan-denominated crude futures on the Shanghai International Energy Exchange (INE) reached a record high, driven by escalating geopolitical threats to Middle East supply and increased purchasing by Chinese refiners. The price surge was triggered by events like a drone attack on a key Saudi Arabian pipeline, highlighting the contract's sensitivity to Gulf security risks as it tracks grades like Oman and Murban.
Strategic Implication
The record high for the yuan-denominated contract underscores its growing relevance as an Asian benchmark and reflects China's increasing influence in pricing Middle East crude flows, potentially eroding the long-term dominance of dollar-based benchmarks.