![Yet Trump also suggested that Beijing consider another source for its oil. “Hopefully, they will be purchasing plenty [of oil] from the U.S.,” he wrote on social media on Tuesday.](/cdn-cgi/image/onerror=redirect,width=640,height=640,format=webp/https://storage.googleapis.com/uploads.mongoosehq.com/url/media/29359951/67251dc119c7793c98546599e52757838b929af4213a3d4e0804ee90f8c54231)
Overview
- On June 24, President Trump posted on Truth Social that “China can now continue to purchase oil from Iran” while traveling to a NATO summit in The Hague.
- White House officials later emphasized that U.S. sanctions on Iranian oil remain fully in effect despite the president’s statement.
- China currently buys more than 90 percent of Iran’s oil exports, making its purchasing decisions crucial to Tehran’s sanction-battered economy.
- Brent and West Texas Intermediate futures fell by about 5 percent after the announcement as markets welcomed reduced risk of disruption to Middle East oil flows.
- Energy and foreign policy experts are divided over whether Trump’s remarks will alter China’s procurement choices or actual enforcement of existing sanctions.