Iran continues to export large quantities of crude oil to China through the Strait of Hormuz, despite the US-Israeli attack and repeated warnings that the vital waterway could become unusable, dealing a major blow to the White House's pressure campaign, "Middle East Monitor" reported.
Tanker tracking data shows that Iran transported between 13.7 million and 16.5 million barrels of crude oil from February 28 to March 11, equivalent to approximately 1.1 million to 1.5 million barrels per day. The volume is close to last year's average.
The figures are striking because the Strait of Hormuz has been thrown into chaos since the war began on February 28. The movement of non-Iranian ships through the strait has slowed sharply, and attacks on ships and energy infrastructure in the region have disrupted exports from other Gulf producers.
Iran's exports continue largely because tankers sail in Iranian waters and load at Kharg Island, the country's main export hub. Washington has so far avoided seizing tankers and maritime interdiction measures, such as those it has previously used against Venezuela, likely because any direct action against Iranian oil shipments would give Tehran greater incentive to close the strait altogether.
That puts the United States in the awkward position of waging war against Iran while sanctioned Iranian oil continues to reach its most important customer, China.
Beijing was in talks with Tehran last week to secure safe passage for Chinese oil shipments and Qatari liquefied natural gas through the Strait of Hormuz. China receives about 45 percent of its oil through the strait.
Shipping through the Strait of Hormuz has plummeted for other exporters since the war began, with tanker traffic reduced by attacks, threats and rising insurance risks. That disrupted flows from Gulf producers and heightened concerns about a broader supply shock, even as Iran continued to ship crude to China.
The contrast is politically significant. While Tehran remains under military pressure, its oil exports are still reaching the market, while rival producers and global consumers are bearing much of the economic fallout.
The disruption has had a direct impact on energy markets. Because roughly a fifth of the world’s oil and gas trade usually passes through the Strait of Hormuz, the sharp drop in shipping has heightened concerns about supply shortages and helped push up oil prices. Even without a full closure of the waterway, the market is reacting to the risk that the conflict could choke off Gulf exports, raising costs for importers and adding pressure on governments already struggling to contain inflation.
For the White House, it’s a humiliation. The war was supposed to weaken Iran and tighten economic pressure on Tehran. Instead, Iran is still selling oil, China is still buying it, and the main immediate effect is to shake up world markets and threaten the energy supplies of other countries.