Iranian oil offers to Chinese buyers fall as US blockade bites
The US re-imposed its blockade of Iran's shipping and ports on July 13 as a deal to halt the war between them broke down in an attempt to cut off oil sales, Tehran's primary source of hard currency.
The US has reimposed its blockade of Iran's shipping and ports following the breakdown of a ceasefire deal, aiming to halt oil sales and cut off Tehran's primary source of hard currency. This blockade has led to a decline in offers of Iranian crude to Chinese buyers, with prices jumping as the threat of more sanctions looms. As a result, Chinese teapots, or independent refiners, are now looking beyond Iran and Russia for feedstock, with some shifting to Brazil's Lapa crude and Iraq's Basrah crude.
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