β½ Iran oil supply drying up ahead of US moves
Iranian oil shipments to Asia are nearly gone as US pressure disrupts supply chains. China's private refiners are now facing tighter availability of this crude. Iranian crude prices have shifted to a premium of around $4 a barrel, moving from a discount. This shortage intensifies just before US Treasury Secretary Scott Bessent announces new isolation measures. Chinese refiners may reduce runs or switch to conventional grades due to this squeeze. π