China’s crude imports are rising again. What will that mean for oil prices?

China is showing early signs of stepping up imports of crude oil after months of subdued buying amid the US-Israel war on Iran, threatening to erode a buffer that has helped prevent a larger surge in global oil prices.

But analysts do not expect China to quickly return to its pre-war import levels, as elevated crude prices could squeeze margins for Chinese refineries and the country’s stockpiles are still large enough to last for several months.

Signs of a rebound in Chinese demand emerged in...