When the interim peace deal was signed, oil prices fell back near pre-war levels, in the mid-$60s per barrel. While impacts to the global oil trade were felt throughout the war, the impact was largely blunted by utilizing stockpiles of crude oil throughout the world. Now, those options may no longer be available, which could have extensive impacts on global energy markets if the war stretches on for months or years. According to estimates in the latest IEA report, China drew 41 million barrels of oil from its inventories in June. This means the country’s demand may again be a factor in global energy markets.