The US says it’ll crack down on countries doing business with Iran. Who’s buying Iranian oil?
The U.S. Treasury Secretary has threatened economic consequences for countries purchasing Iranian oil, specifically targeting China. While China has reduced its intake, it remains the primary buyer of Iranian crude, leading to geopolitical tensions.
Why it matters
This signals a potential escalation in U.S.-China trade relations and could impact global energy prices and supply chains.
US Treasury Secretary Scott Bessent on Monday vowed an “economic D-Day” for countries that buy oil from Iran. Experts say that means one country in particular: China. Bessent didn’t name China on Monday, but he left little room for doubt. “We find that the best way to engage with countries is through quiet diplomacy, and we are level-setting with every country to tell them our expectations,” Bessent said on Monday. “We know who they are. They know who they are.” But while Bessent’s threat could put China front and center, the repercussions could reach across the world – even for American consumers, who could find their own energy costs rising as a result. Tehran likely shipped $3.9 and $4.2 billion worth of oil in September 2025, one analysis found; China, the world’s largest energy consumer, buys the vast majority.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in