Currently, 41 million barrels of oil are stranded aboard vessels in the Gulf, alongside 22 empty tankers.
Sea-news.az reports citing vessel-tracking data from the analytics firm Kpler, that due to the United States’ maritime blockade against Iran, the supply of Iranian oil easily accessible to Chinese buyers has dropped sharply.
Approximately 40 million barrels of Iranian crude are currently idling on tankers near Singapore—a frequent hub used for ship-to-ship transfers of oil destined for China. Only 10 percent of this volume, equivalent to the cargo of just two supertankers, remains unsold.
Analysts note that this situation deals a blow not only to Tehran but also to China’s private refineries, which are the primary customers for this crude. Buyers have been virtually unable to secure new supplies from Iran for September futures. The near-total absence of fresh supply means the Iranian side is now in a position to demand higher prices.
This dynamic is already reflected in the market: offers for Iranian light-grade crude have surged, trading at a premium of $3.5 over Brent crude prices.
Meanwhile, the United States is preparing to escalate its economic measures against Tehran. US Treasury Secretary Scott Bessent announced that Iran will face the largest coordinated economic isolation in world history.
Although specifics have not yet been disclosed, reports indicate that Chinese ports or refineries accepting Iranian oil could be targeted, which risks further heightening tensions between Washington and Beijing.
