Brent has already dropped to $98, but China's gasoline and diesel prices are still close to $190. Today, domestic gasoline prices increased by ¥830 per ton, and diesel by ¥800 per ton. Based on Beijing's maximum retail price, gasoline has reached ¥10,725 per ton, and diesel ¥9,655 per ton. At the current Brent price of $98.28 per barrel, Beijing's gasoline translates to about $188 per barrel, and diesel about $192 per barrel—roughly 91% and 95% higher than Brent, respectively. The pressure from rising international oil prices is now clearly being passed on to China. This also makes the relationship between the Strait of Hormuz and China increasingly direct. If the strait cannot return to normal for even a day, the impact on China will go beyond crude oil prices, affecting shipping, insurance, and the cost of finding alternative supplies—all of which will eventually feed into domestic energy and manufacturing costs. Coincidentally, Xi Jinping is currently visiting the U.S. This raises the market's focus on whether discussions between the Chinese and U.S. leaders will touch on Iran and the Strait of Hormuz. The U.S. wants to reduce military and energy tensions in the Middle East, while China also hopes for a quick stabilization of oil transport. Meanwhile, China has maintained communication channels with Iran. If the U.S. and Iran can't resolve all their differences in the short term, resuming commercial shipping and energy transport might be the easiest common ground for all parties. China's involvement in related mediation efforts also carries very practical economic benefits. After all, with Brent at $98, the converted end price of domestic gasoline and diesel is already close to $190 per barrel. The longer the Hormuz situation drags on, the higher the costs China will have to bear. A @Gate trade for more markets.