Iranian oil supply to Chinese buyers squeezed by U.S. blockade

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Iranian oil supply to Chinese buyers squeezed by U.S. blockade

Aug 21, 2026, 7:56 PM ETUnited States Oil Fund LP ETF (USO), UCO, CL1:COM, CO1:COM, XLEDBO, UNG, FCG, USL, SCO, UNL, BNO, BOIL, KOLD, GUSH, DRIP, USOI, NG1:COMBy : Carl Surran, SA News Editor

The amount of Iranian oil offered to Chinese buyers has declined sharply and is rapidly running out, while prices have jumped, Reuters reported Friday, showing the effectiveness of the U.S. blockade of Iran's ports in preventing new supply from leaving the Persian Gulf.

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The U.S. blockade is sharply reducing the availability of Iranian oil to Chinese buyers by preventing new supply from leaving the Persian Gulf, resulting in decreased export volumes and shrinking floating storage.

Reduced Iranian supply is driving up prices, with Iranian Light offered at $3.50/bbl above Brent, reversing prior discounts and contributing to notable increases in Nymex and Brent futures.

These refiners, which are major buyers of sanctioned oil, face feedstock shortages due to lack of new Iranian shipments, risking disruptions to their operations.

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