US Sanctions Pressure Mounts on China Over Iranian Oil Purchases

China's oil purchases from Iran have put it in the spotlight as the US threatens heavy economic sanctions on Tehran. The US has been trying to cut off Iran's oil sales, and since July 13, there have been no visible crossings of the Strait of Hormuz, according to ship-tracking firm Kpler.

Last year, China averaged 1.4 million barrels per day in Iranian oil imports, making it the biggest buyer of Iranian crude. However, shipments fell to 785,000 barrels per day in June, and while they may have risen in July to 823,000 bpd, the intake so far in August has dropped to 534,000 bpd.

The US Treasury Secretary Scott Bessent was scheduled to hold a press conference on Monday, but it's unclear what specific actions he will take regarding China's oil trade with Iran. The situation is likely to escalate tensions between the two countries and may impact global oil markets.