Countries like China, India, and Japan are paying transit fees to pass through the Strait of Hormuz and continue purchasing Iranian oil despite US sanctions. An Iranian lawmaker stated that international demand for Iranian energy persists despite mounting pressure. The Iranian parliament is working on plans to formalize a policy of charging fees to all vessels passing through the strategic waterway.
The US has escalated the US-Iran crackdown on oil by sanctioning Hengli Petrochemical, accused of buying Iranian oil. The move highlights China's role as a major buyer of Iranian oil, despite previous avoidance due to US sanctions. This has led to a decline in Hengli's stock and increased caution among trading partners.