US Targets China Over Iranian Oil Imports Amid War Crackdown

US Treasury Secretary Scott Bessent has warned that countries buying oil from Iran will face economic consequences. Bessent said the US is 'level-setting' with other countries, implying that China is a major buyer of Iranian oil.

The US says it's cracking down on countries doing business with Iran in response to the ongoing war. The conflict has led to a significant reduction in oil exports from Iran, with Tehran shipping $3.9-$4.2 billion worth of oil in September 2025, according to analysis. China buys around 90% of Iran's exported oil, providing tens of billions of dollars in revenue for the Iranian government.

However, Chinese imports have already fallen by half since before the war, from 1.4 million barrels per day to 700,000. Analysts say a complete halt in imports would have a limited impact on China's overall oil security, as it still holds large crude inventories.