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Iran’s and China’s oil trade is actually shifting quite rapidly right now as new US sanctions and also OPEC production cuts are reshaping global energy markets. At the time of writing, with China oil imports changing dramatically and also fresh US oil sanctions taking effect, multiple factors are sort of converging that might push oil prices in unexpected directions during May 2025. Also Read: Scope Issues Downgrade Alert as U.S. Dollar Sees Worst Drop in 50 Yrs Iran–China Oil Trade, OPEC Cuts, and Sanctions Driving May Prices Source: Watcher Guru New US Sanctions Target Chinese Importers The Trump administration has just issued new sanctions targeting Iran’s oil exports, including a China-based “teapot” oil refinery. This move comes as oil prices were already showing some upward momentum in recent weeks. Brent crude futures rose 0.5% to $66.19 per barrel, while US West Texas Intermediate crude increased 0.7% to $62.91. Both benchmarks actually settled 2% h...

BRICS member Russia is urging countries in the Middle East to stop accepting the US dollar for Oil payments. Russia n President Vladimir Putin is hitting out at the US for pressing economic sanctions against the country. The White House sanctioned Russia after it invaded its neighboring country Ukraine in February 2022. Russia has been reeling under severe economic pressure since then as the inflow of funds through direct trade has dried up. Also Read: BRICS Provides Update On The New Currency Notwithstanding the sanctions, Putin has called for the Middle East to deliver a tit-for-tat outcome against the US. He urged oil-producing countries, including BRICS nations Egypt, and the UAE to not accept the US dollar for oil payments. Russia's President Putin says if oil producers in the Middle East stop using the US dollar, it will be the end of the dollar. pic.twitter.com/FoRQalPCg6 — BRICS (@BRICSinfo) March 17, 2024 Also Read: BRICS : US Dollar Losing ...