Crude oil prices are positioned for further increases with an upward trending trajectory, according to Energy Aspects founder and market intelligence director Amrita Sen, who spoke to CNBC on Friday, September 11, 2026. The oil market has reached what Sen describes as an "inflection point" driven by accelerating global inventory drawdowns and a significant return of Chinese crude oil demand. China's crude oil import volumes have rebounded substantially from their spring lows.
According to Sen's assessment shared with Bloomberg, China is estimated to import approximately 10 million barrels per day of crude in September, representing a recovery of roughly 3 million barrels per day from June levels when imports had slumped to below 7 million barrels per day, marking a decade-low. Global inventory drawdowns have accelerated notably. In the two weeks prior to Sen's Bloomberg interview, a total of 120 million barrels of oil were drawn down from inventories worldwide, contributing significant upward pressure on crude valuations.
Middle East shipping disruptions are compounding supply concerns. Intensified shipping risks in the region, including tanker attacks in the Strait of Hormuz and Houthi threats in the Red Sea, are hampering crude oil supply flows to Asian refiners. Following an uptick in Strait of Hormuz oil flows observed in August, shippers have become cautious again amid the re-escalation of regional hostilities.
Should Hormuz cancellations and delays persist, Asian refiners may be forced to reduce operational runs, Sen cautioned. Sen characterized the current market dynamics as driving an "upward spiral" between crude and petroleum products, with the combination of factors pushing crude oil prices toward what she termed a "significant leg higher." Oil prices breached the $100 per barrel threshold for the first time since July on Wednesday, September 9, and were tracking to end the trading week above $100 per barrel for the first time since May. The confluence of restored Chinese demand, accelerating inventory depletions, and geopolitical supply constraints forms the basis for Sen's assessment of the market inflection point.
These fundamental factors are driving price appreciation independently of headline risk and diplomatic rhetoric surrounding U.S.-Iran relations, she indicated.
Source: oilprice.com