Chinese refiners, both state and private, bought several million barrels of Saudi and Iraqi crude after cutting purchases earlier to keep world prices from spiking. Purchases are still well below pre-Iran-war levels. Saudi Aramco is also offering high-sulphur crude from outside the Strait of Hormuz, and Red Sea shipping is disrupted by Houthi threats, so some tankers are rerouting around Africa at higher cost. For a Thai SME, this is background: no immediate change to fuel prices is stated, but watch diesel and freight costs if Red Sea routes stay disrupted.