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Russia and Iran Slash Oil Prices to Woo China

2/25/2026

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Center

Russia and Iran Discount

After India reduced its Russian crude imports, Russia and Iran are increasing discounts to attract Chinese buyers.
Russia's Urals is priced at $12 below ICE Brent, and Iranian Light is priced at $11 below.
Deliveries to China rose to 2.09 million barrels per day in February, up from January.
Iranian exports to China fell 12% year on year, leaving unsold oil in floating storage.

Right

U.S. Mobilizes Forces

A potential U.S.–Iran confrontation could severely disrupt Middle East oil supplies as U.S. forces mobilize.
Indirect talks continue amid rising tensions.
Iran could retaliate against U.S. allies or block the Strait of Hormuz.
The United States holds about 200 days of net imports in the Strategic Petroleum Reserve.
China's crude purchases could shift based on price, influencing the crisis.

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Russia and Iran Discount

After India reduced its Russian crude imports, Russia and Iran are increasing discounts to attract Chinese buyers.
Russia's Urals is priced at $12 below ICE Brent, and Iranian Light is priced at $11 below.
Deliveries to China rose to 2.09 million barrels per day in February, up from January.
Iranian exports to China fell 12% year on year, leaving unsold oil in floating storage.

1 / 2