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Why Iran Is Still Sending Oil To China Through The Strait Of Hormuz

Pic via @visegrad24

Iran has continued exporting crude oil to China through the Strait of Hormuz despite escalating conflict in the region. According to tanker tracking firm TankerTrackers, at least 11.7 million barrels of Iranian crude have passed through the waterway since the war began on Feb. 28, CNBC reported.

Shipping intelligence firm Kpler estimates roughly 12 million barrels have moved through the strait during the conflict. Analysts say much of the oil likely ended up in China, which has remained the primary buyer of Iranian crude in recent years.

Traffic through the Strait of Hormuz has slowed sharply as tankers avoid the conflict zone. The waterway normally carries about one fifth of global oil shipments. Several vessels have turned off tracking systems after Iran threatened attacks on ships passing through the channel.

President Donald Trump told Fox News that ships should continue navigating the strait, saying Iran’s naval capabilities had already been neutralized. Meanwhile, rising tensions have kept global oil markets volatile.

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