Trade sources report a recent decline in Iranian crude offers to Chinese buyers and a sharp increase in prices, citing a U.S. blockade that began on July 13. While Kpler data indicates a halt in visible supertanker crossings of the Strait of Hormuz since mid-July, tracking limitations remain due to vessel transponder deactivation.

The situation impacts independent "teapot" refiners in Shandong, with unverified claims suggesting some cargoes are now trading at premiums to ICE Brent futures.