Iran's Acting President Mohammad Mokhber during a cabinet meeting in Tehran
Washington belatedly targets Iran’s crude oil supply networks
Tehran is in a renewed political crisis, but its ability to find buyers for its crude exports hands it a lifeline
The death of President Ebrahim Raisi on 19 May portends a period of domestic political turmoil for Iran, just as US pressure on its crucial economic lifeline—crude oil exports to China—intensifies in the wake of the mid-April missile assault on Israel. Raisi’s helicopter crash may have been the result of technical issues reflecting the impact of sanctions on Iran’s air fleet, restricting the supply of spare parts. The one piece of good news that Iranian officials may clutch to is that the sanctions regime as applied to the country’s crude oil exports has been much less effective. “About 90–95% of Iran’s crude exports are going to China,” said Homayoun Falakshahi, senior oil analyst at analyt
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
