Commodities
US Cracks Down on Countries Buying Iranian Oil
US Treasury Secretary Scott Bessent has warned countries that buy oil from Iran of an 'economic D-Day', sparking concerns about potential sanctions on China, which is the world's largest energy consumer and buys around 90% of Iran's exported oil.
The $3.9-$4.2 billion worth of oil Tehran likely shipped in September 2025 provides tens of billions of dollars in annual revenue that supports Iran's government budget and military activities.
While China has already reduced its Iranian oil intake, a complete halt would likely have a limited immediate impact on the country's overall oil security due to existing inventories and lower refinery runs.