Trump lifts sanctions that allow China to buy Iranian oil amid changing markets
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president Donald Trump It cleaned up China to buy Iranian oil on Tuesday, eliminating long-standing sanctions limiting trade ties.
Trump announced the move in a social media post while flying to Europe in Air Force 1, adding that China hopes to buy “enough” oil from the US as well.
“China can Now I will continue to buy oil from Iran. Hopefully they’ll buy a lot from the US again. It was my great honor to make this happen! ” Trump wrote.
Oil prices continued to fall on Tuesday, as Trump hit Iran and Israel to accept a volatile ceasefire agreement. The agreement curbed concerns that Iran would close the Strait of Hormuz, a key trade route for shipping oil around the world.
CEO Exxonmobil talks about oil supply amidst Iran-Israel conflict
President Donald Trump on Tuesday made clear the way for China to buy oil from Iran. (Reuters/Reuters Photos)
Crude reached $65 per barrel in expanded trading after West Texas middle-level crude futures fell by more than $67 per barrel on Monday afternoon. International benchmark Brent crude fell to $70 per barrel.
Washington reinstated sanctions against Tehran in 2018, and Trump’s administration has imposed several new rounds of sanctions over Iran’s oil trade since taking office in January.
Trump’s sanctions included three penalties Chinese oil import company, That led to the purchase that was purchased.
US President Donald Trump will stop and speak to the media on June 15, 2025, before he puts Marine on the Southern Lawn of the White House in Washington, D.C. (Tasos Katopodis/Getty Images/Getty Images)
Last week, industry experts warned that prices could skyrocket to $120 per barrel if Iran closes the Strait of Hormuz.
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While around 20% of the world’s oil supply passes through the straits, the closure will significantly damage Iran’s own revenues. Energy secretary Chris Wright dismissed concerns about the closing Tuesday, and Fox News said the move would hurt Iran more than anyone else.
“The United States today is a pure oil exporter. We don’t count in any meaningful way to the oil coming out of that strait. Iran will hurt itself more than harm others. It will likely cause confusion and trouble, but it will be small.”
Reuters contributed to this report.