Commodities
US Warns China over Iranian Oil Imports: 'Economic D-Day' Imminent
US Treasury Secretary Scott Bessent warned of an 'economic D-Day' for countries that continue to buy oil from Iran. While he didn't name China directly, experts say it's the country most likely targeted by US sanctions.
The majority of Iranian oil exports, around 90%, go to China, which buys tens of billions of dollars' worth each year. This revenue supports the Iranian government's budget and military activities.
China has already reduced its imports from Iran, with recent months seeing an average of 700,000 barrels per day compared to 1.4 million before the war. However, new sanctions could further erode China's oil security and impact global energy prices.