China's Purchases of Iranian Crude More Than Halved in June Despite Sanctions Waiver; Over 20 Million Barrels Now Stranded at Sea (Tuesday, July 7, 2026)

China's imports of Iranian crude more than halved in the month of June. Chinese refiners bought far less oil from Iran, even with a US waiver in place. Daily imports fell to about six hundred fifty four thousand barrels, down more than fifty percent. It all began with a temporary truce between Iran and the United States in mid June. See stranded oil at sea, China's total imports, and global oil prices in this board. Brent crude, which hit one hundred six dollars in May, now trades near seventy two dollars. Analysts say China's reserves cover about one hundred days of demand. Rising OPEC plus output and Hormuz's reopening have added more competing oil to the market. Iran's free market dollar, gold prices, and central bank reserves complete the picture. Oil revenue eventually shapes the dollar rate and the cost of living at home. Fereidun Fesharaki says the Chinese show little enthusiasm to buy oil from anybody. This story built up gradually over the past month. The US waiver expires in late August with no guaranteed renewal. Weekly tanker data and how oil prices react will be worth watching. Read the full analysis on Sahmino.