Particle.news

Download on the App Store

Trump Signals China Can Keep Buying Iranian Oil as Sanctions Stance Wavers

Following his role in securing an Iran-Israel ceasefire, the president has indicated he may relax enforcement of oil sanctions to support Iran’s reconstruction.

Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo
Image
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.

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.