Iran’s oil discount to China reaches its highest level in a year

Iran’s oil discount to China reaches its highest level in a year

As a new wave of sanctions from the United States, Britain and the European Union target sales of Russian and Iranian oil, trade sources told Reuters that discounts on Iranian oil for Chinese customers have reached their widest in more than a year, reaching as much as $10. Reduced oil import quotas for independent Chinese refiners have also added to the pressure.

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Trump’s Dangerous Gambling: What are the Consequences of Closing the Strait of Hormuz?

Trump’s Dangerous Gambling: What are the Consequences of Closing the Strait of Hormuz?

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.
Oil tanker fares in the Persian Gulf have become up to 60% more expensive

Oil tanker fares in the Persian Gulf have become up to 60% more expensive

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.