China Halts Gasoline and Diesel Exports as Middle East Crisis Deepens; BTC Defies Turmoil to Top $71,000

China has long relied on Middle Eastern crude oil, which accounts for 57% of its supply, according to Bloomberg. Energy-security risks intensified after U.S.-Israeli coalition forces attacked oil facilities in the Persian Gulf, disrupting supply chains. China’s National Development and Reform Commission therefore instructed the country’s five largest refiners to prioritize domestic gasoline and diesel supplies to prevent shortages and price volatility from affecting households and industry.

As of July 20, 2026, the National Development and Reform Commission had ordered the five refiners to suspend gasoline and diesel exports in response to the Middle East crisis and uncertainty over imported crude supplies. Amid severe energy-market volatility, capital shifted toward alternative safe-haven assets. Bitcoin (BTC) bucked the broader trend to break above $71,000, diverging from traditional risk assets.