Story perspectives

China dominates Iran oil as U.S. blockade slashes exports

5/1/2026

Summary

Story summary

China now purchases 99% of Iran’s tracked oil sales, up from 87% at the end of last year.
President Donald Trump ordered a naval blockade of Iran’s ports while Iran kept the Strait of Hormuz closed, causing oil exports to fall to 1.1 million barrels per day in March—a 45 % drop—and the rial to hit a record low of about 1.8 million per U.S. dollar as inflation rose to 53.7 %.
Iran’s central bank says gold reserves and stored steel, cement and electricity will last several months.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, imposed an oil embargo that cut shipments and drove crude prices from $3 to $12 per barrel—a 400 % jump—until March 1974. Decades later, U.S. sanctions under President Trump pushed Iran to sell 99 % of its tracked oil to China, echoing the geopolitical leverage first seen in the 1973 crisis.

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Story summary

China now purchases 99% of Iran’s tracked oil sales, up from 87% at the end of last year.
President Donald Trump ordered a naval blockade of Iran’s ports while Iran kept the Strait of Hormuz closed, causing oil exports to fall to 1.1 million barrels per day in March—a 45 % drop—and the rial to hit a record low of about 1.8 million per U.S. dollar as inflation rose to 53.7 %.
Iran’s central bank says gold reserves and stored steel, cement and electricity will last several months.

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