Offers of Iranian crude to Chinese buyers have fallen while prices have risen sharply as the US blockade restricts Tehran’s oil exports, Reuters reported Friday, citing four trade sources.
Iranian oil stored on tankers outside the blockade zone has dropped to about 80 million barrels from roughly 105 million before the blockade was reimposed on July 13, according to Kpler data.
Some Iranian crude, which normally trades at a discount, was being offered at a premium of about $2 a barrel to Brent, Reuters reported.
China is the largest buyer of Iranian crude, taking more than 80% of Iran’s shipped oil last year. Kpler data showed Chinese imports fell to 534,000 barrels per day so far in August, compared with an average of 1.4 million bpd in 2025.
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