China Cuts Iranian Crude Buys 35% as US Blockade Bites

China's independent refiners pulled back sharply on Iranian crude in August, with Kpler data cited by Reuters showing imports falling to roughly 534,000 bpd from 823,000 bpd in July. The reinstated US blockade, active since mid-July, is choking Iran's primary export outlet and forcing its top customer to diversify.

Separately, Venezuela faces its own bottleneck: tankers are waiting up to 30 days to load crude as aging port infrastructure and power outages cap exports near 1.25 million bpd, despite rising production and renewed buyer interest.

Together, these disruptions strip supply from two sanctioned exporters simultaneously. For WTI, that combination reinforces a firmer geopolitical risk premium, even as traders weigh whether alternative barrels from the Gulf or US shale can fill the gap.