Updated
Updated · Yahoo Finance · Sep 21
Bessent Presses China Over 90% Share of Iran Oil Exports as Crude Tops $100
Updated
Updated · Yahoo Finance · Sep 21

Bessent Presses China Over 90% Share of Iran Oil Exports as Crude Tops $100

3 articles · Updated · Yahoo Finance · Sep 21

Summary

  • Scott Bessent met Chinese Vice Premier He Lifeng in New York on Sept. 20, putting Beijing’s purchases of roughly 90% of Iran’s exported oil at the center of talks.
  • Washington is targeting Iran’s oil revenue through sanctions, a naval blockade and warnings to foreign banks, but that pressure depends on curbing Chinese buying—largely by Shandong’s independent “teapot” refiners.
  • Bessent said Iran has only about 30 million barrels of crude left that China has not already bought, underscoring how concentrated Tehran’s remaining export market has become.
  • Brent settled at $103.87 and WTI at $100.30 on Sept. 18, while the U.S. average gasoline price stood at $4.47 a gallon as the Iran war kept fuel costs elevated.
  • The meeting adds strain to a broader U.S.-China agenda on trade and AI just days before the Sept. 24 Trump-Xi summit, with any disruption to cheap Iranian supply likely to ripple through global oil prices.

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