US sanctions cut Iran's oil exports to China
The American sanctions have led to a reduction in Iranian oil supplies directed to China, resulting in higher prices and a decline in shipments and floating oil stocks. U.S. measures have reimposed sanctions on Iran's ports and imposed restrictions on vessel movements since July, leading to a decrease in Iranian oil exports from mid-month and the cessation of tracker operations for tankers in the Strait of Hormuz. Additionally, some Iranian oil is currently being offered at prices higher than the Brent futures contracts, compared to previous discounts of about three dollars per barrel before the month. The floating stock has also decreased to around 80 million barrels, below usual levels, threatening oil supplies to refineries in China and complicating tracking efforts and the presence of unmonitored oil in Asian waters.
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