16:01 - 22.06.2026

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June 22, Fineko/abc.az. Against the background of resumption of exports through the Strait of Hormuz after the signing of an interim agreement with the U.S., the Islamic Republic is forced to significantly increase the discount on its crude oil for Chinese buyers.

ABC.AZ informs, citing data from Bloomberg and Kpler, that shipments of oil Iranian Light for delivery in July are now being offered at discount of $2.50–$5.00 per barrel against Brent benchmark on the spot market. Prior to the agreement, the discount was only about $1.

Key parameters of the raw material release:

Lifting the blockade and increasing shipments: The lifting of the US naval blockade ended a 6-week pause in exports. Iran has resumed filling tankers at its main export terminal on Kharq Island. According to shipping tracking, at least 11 tankers with total volume of 20 million barrels have left the port of Chabahar in recent days. At the same time, around 121 million barrels of Iranian oil are still idle in tankers on the water in the Persian Gulf and other regions (a quarter of this volume is located off the coasts of China and Singapore).

The specifics of Chinese transit: China traditionally buys about 90% of all Iranian oil exports. However, Beijing has not officially imported raw materials from Iran since 2022, as the oil is physically re-registered and labeled as "Malaysian". Currently, demand from independent Chinese refineries (samovars) remains moderate due to lower margins. Buyers' concerns are also fueled by recent U.S. sanctions against one of the subsidiaries of Hengli Petrochemical Corporation for alleged ties to Tehran.