Iran Oil Shipments Halted Amid Rising Tensions

Iran's oil shipments to Asia have ground to a halt in recent weeks, pushing prices to their highest levels in years. The country's private refiners, particularly those in China, had long taken the lion's share of Iran's oil exports. However, with little supply available in the region, prices on offer have flipped from a discount to global benchmarks to a premium of around $4 a barrel.

According to traders involved in negotiations, this shift is unprecedented and has left buyers scrambling for alternative sources. The development comes ahead of potential US actions against Tehran and its trading partners, which could further exacerbate the situation.