The US says it’ll crack down on countries doing business with Iran. Who’s buying Iranian oil?

U.S. Treasury Secretary Scott Bessent has pledged to enforce a "economic D-Day" against nations that purchase oil from Iran. While Bessent didn't explicitly mention China, it's widely believed to be the primary target. The U.S. Secretary of Treasury stressed that nations are informed about their expectations and that they are being leveled with.

Iran reportedly shipped $3.9 and $4.2 billion worth of oil in September 2025, with China being the largest energy consumer and buying the majority of Iran's exports. China accounts for around 90% of Iran's exported oil, providing significant revenue to support the Iranian government and military. Bessent's statement was viewed as a "warning shot" rather than a comprehensive list of sanctions against specific countries.

In response, China's Foreign Ministry spokesman, Lin Jian, voiced opposition to sanctions and pressure tactics, stating that these measures only lead to escalation without resolving issues. Despite this, China has already decreased its Iranian oil imports, with imports falling from around 1.4 million barrels per day to approximately 700,000 in recent months.

Analysts suggest that a complete halt in Iranian crude imports would not have an immediate impact on China's overall oil security, as China still maintains substantial crude inventories. The U.S. sanctions could further strain the already tense relationship between the two nations, which were already involved in a trade war under the previous administration.