Formula 1 Chinese Grand Prix kicks off in Shanghai

The Formula 1 Chinese Grand Prix roared to life at the Shanghai International Circuit in east China on Friday. Over the course of three days, fans are treated to a thrilling spectacle of speed and skill as the world's top drivers are battling it out on one of the most iconic tracks in the sport.

This year's event marks the second race of the 24-race Formula 1 season. Teams and drivers are eager to secure strong results in Shanghai to lay a solid foundation for the long campaign ahead.

The schedule saw official Free Practice sessions and the qualifying for the Sprint race on Friday, followed by the Sprint itself and the Sprint Qualifying session for the main race on Saturday. The climax of the weekend, the main race, will take place on Sunday afternoon.

Charles Leclerc, a driver for the Ferrari team, shared his thoughts on competing in China.

"It's always nice to come back to China. The track itself is very very technical and a very difficult track for me. I think this season we're starting with the two most difficult tracks, so I've got to work a bit harder for Melbourne and Shanghai. But I'm looking forward to the challenges. This is something I enjoy," he said.

Since its debut in Shanghai in 2004, the Formula 1 Chinese Grand Prix has grown into a globally recognized sporting event and a major highlight on the city's sports calendar. As this year coincids with the 75th anniversary of Formula 1, the event has drawn massive interest.

Tickets for the 2025 race were almost sold out well in advance, with an estimated 220,000 spectators expected to attend over the weekend. This impressive turnout is set to surpass last year's record of over 200,000 visitors, further cementing the race's status as a premier sporting attraction in China.

Formula 1 Chinese Grand Prix kicks off in Shanghai

Formula 1 Chinese Grand Prix kicks off in Shanghai

Even under assumptions that the U.S.-Israel war on Iran does not persist past April and that traffic through the Strait of Hormuz gradually resumes, the world will face the pressure of rising oil prices throughout this year, the U.S. Energy Information Administration (EIA) said on Tuesday.

In its latest Short-Term Energy Outlook released on Tuesday, the EIA raised the forecast of Brent crude oil spot price for 2026 to 96 U.S. dollars per barrel from the previous forecast of 79 U.S. dollars a barrel.

Retail gasoline and diesel prices will continue the rising trend this year, said the outlook.

The outlook maintains a risk premium on crude oil prices throughout the forecast period, as the EIA expects uncertainty around future supply disruptions to keep prices above pre-conflict levels.

"Once flows through the Strait of Hormuz resume, we assume it will take time to resolve the backlog and disruption to oil tanker routes and trade flows and that the potential for future disruptions will remain at risk and create a premium in the oil price," it said.

US Energy Information Administration forecasts rising oil prices throughout 2026