Commodities
US Blockade Halts Iranian Oil Shipments to China Amid Looming Sanctions
The US blockade on Iran's shipping routes has led to a decline in Iranian oil offers to China, as previously stored barrels are rapidly selling out.
The US reinstated its blockade on July 13, restricting Tehran's oil exports and aiming to block oil sales, a key source of revenue for Iran.
As a result, Chinese refiners face uncertainties regarding supply, with no supertankers crossing the Strait of Hormuz since mid-July.