US Blockade Cuts Iranian Oil Offers to China, Prices Rise

Offers of Iranian crude oil to Chinese buyers have declined and prices have increased due to a U.S. blockade on Iran's shipping, according to trade sources. The blockade, reinstated in mid-July, has reduced shipments and available cargoes for delivery in September and October. Chinese independent refiners, major buyers of sanctioned oil, are now seeking alternative supplies from countries like Brazil and Iraq.