According to data received from tanker trackers, China imported an average of 1.38 million barrels of oil per day from Iran in the first half of 2025, equivalent to more than 13.6 percent of the country's total oil imports.
A Russian official warned about the closure of the Strait of Hormuz that no one will be immune from this action.
Following the escalation of tensions between Iran and the United States, two super-heavy oil tankers named Coswisdom Lake and South Loyalty, each with a capacity to carry 2 million barrels of crude oil, changed their course near the Strait of Hormuz and retreated south.
The US attack on Iran's nuclear facilities and official participation in the Israeli operation is the largest military action by the West against Tehran since the 1979 revolution. Despite the renewed missile barrage by Iran on Israel, there has been no decisive response to the United States yet. However, the initial positive vote by the Iranian parliament to close the Strait of Hormuz has sounded the alarm bell for the global oil market.
Approximately 30 percent of the world’s oil and a third of the world’s LNG (liquefied natural gas) pass through the Strait of Hormuz every day. With tensions escalating between Iran and Israel and the US joining the war, closing the Strait of Hormuz is one of the options on the table for Iran to pressure its enemies, a move that would immediately reduce global oil supplies and drive up prices.
The CEO of Italy's Eni said the oil market has shown no signs of concern about the closure of the Strait of Hormuz and prices have not yet reached levels above $80. He said the closure of the Strait would primarily harm Iran and increase the likelihood of US intervention.
Three oil tankers caught fire near the Strait of Hormuz amid rising tensions between Iran and Israel; Ambrey Maritime Security confirmed the incident, and NASA has recorded three active fire spots in the area.
The cost of transporting oil by supertankers from the Persian Gulf to East Asia has increased by 60 percent in the wake of rising tensions between Iran and Israel. The ship booking market has been brought to a virtual standstill, with many Iranian tankers moving further away from ports, as the risk of crossing the Strait of Hormuz and concerns about disruption to maritime traffic have increased.
Rejecting rumors of an attack or sabotage in the recent fire incident on three oil tankers near the Strait of Hormuz, Ambrey Maritime Security Company announced that the incident was not a "security" incident and likely occurred due to a technical collision between two vessels.
Experts say that if Iranian oil exports are disrupted, Chinese refineries will be forced to use alternative oil from the Middle East or Russia, which will increase freight rates, tanker insurance, reduce the Brent-Dubai price differential, and put pressure on refinery profit margins, especially in Asia.
