Overview
- On June 24, Trump posted on Truth Social that China can continue purchasing oil from Iran while hoping Beijing will also buy more U.S. crude.
- A White House official clarified that existing sanctions remain in place and urged all nations to import American oil rather than violate U.S. restrictions.
- At the NATO summit on June 25, Trump suggested easing enforcement of Iran oil sanctions to help the country rebuild after the ceasefire he brokered.
- China imports over 90% of Iran’s crude exports, giving Beijing’s purchasing decisions an outsized impact on Tehran’s economy and global supply.
- Global oil futures dropped about 5% following Trump’s remarks and the prospect of sustained supply as Middle East tensions eased.