Trump unexpectedly said China could buy Iranian oil, oil prices fell sharply

Oil prices fell sharply after US President Donald Trump announced that China could continue buying oil from Iran, reassuring the market about oil supplies from the Middle East.

Mr Trump made the new announcement, after the US announced new sanctions on Iran's oil sales to China last month - Photo: CNN

On June 24, US President Donald Trump said that China can now continue to buy oil from Iran. This is seen as a relief from the sanctions that Washington has imposed, according to AFP news agency.

"China can now continue to buy oil from Iran. Hopefully they will also buy a lot of oil from the United States," Trump wrote on the Truth Social platform, while the US leader was on his way to attend the NATO Summit in The Hague.

As a major customer for Iranian oil, China has recently provided an important lifeline to Tehran, as its economy faces strict international sanctions.

According to analytics firm Kpler, China buys more than 90% of Iran's oil exports.

In April, Beijing imported 1.3 million barrels of Iranian crude per day, down from a five-month high reached in March.

But last month the US announced new sanctions on Iran’s oil sales to China, part of the Trump administration’s “maximum pressure” campaign against Tehran.

China has condemned recent US airstrikes on Iran’s nuclear facilities and called on regional parties, especially Israel, to de-escalate tensions. Beijing has also called for a political solution to help maintain the ceasefire.

However, according to analysts, the conflict between Iran and Israel has seriously reduced China's influence in the region.

According to AFP, oil prices plummeted while the stock market rose on June 24, after US President Donald Trump said the ceasefire between Iran and Israel was in effect, despite previously criticizing the two countries for violating it.

Oil prices fell further after President Trump announced that China could continue buying oil from Iran, thereby reassuring the market about oil supplies in the Middle East.

Brent crude fell 4.5% to $68.26 a barrel, while U.S. West Texas Intermediate crude fell 4.6% to $65.34 a barrel, after falling on a fragile ceasefire between Iran and Israel.

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Source: https://tuoitre.vn/ong-trump-bat-ngo-noi-trung-quoc-co-the-mua-dau-mo-iran-gia-dau-giam-manh-20250624213421941.htm