The US military has reinforced the blockade in the Strait of Hormuz, redirecting 41 Iranian oil tankers attempting to breach the naval restrictions. This blockade is deemed highly effective, preventing Iranian crude exports. Iran offered to end its chokehold on Hormuz in exchange for sanctions relief and nuclear talks, but President Trump rejected the offer.
China’s independent refiners are sustaining Iranian oil exports, despite U.S. sanctions, highlighting the resilience of shadow trade channels. Refining margins have collapsed, forcing reassessment of Iranian oil purchases, while the U.S. blockade threatens supply disruptions mid-year. China prioritizes energy security, encouraging continued purchases of Iranian and Russian crude.