Chinese refiners have increased their purchases of heavily discounted Iranian crude oil following the Trump administration’s decision to intensify sanctions on Iran. This situation highlights ongoing geopolitical tensions as the United States seeks to limit Tehran’s oil trade, a historic source of revenue for the Islamic Republic. China remains a key player in the Iranian oil market, although its imports have decreased compared to last year. The odds for crude oil reaching a new all-time high are estimated at 1.8% by September 30 and 12.5% by December 31.
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