Washington’s threat of aggressive economic sanctions has deterred many buyers, effectively trapping Iranian supply within the Persian Gulf. With few cargoes available and offers for September and October delivery collapsing, the landscape for Chinese buyers has shifted from opportunistic purchasing to a desperate search for stability. The pressure stems directly from the White House, where President Donald Trump has warned that any nation providing a financial lifeline to Tehran will face severe consequences.

Energy analysts now suggest that Chinese refiners are turning their attention toward Russian Urals and fuel oil to fill the widening gap. Because supplies of ESPO crude were exhausted weeks ago, failing to secure these alternatives could force independent refineries to throttle production by October. Sun Jianan, a senior analyst at Energy Aspects, noted that the scarcity of Iranian options has pushed refiners to look beyond their traditional partners, marking a volatile turning point for China’s energy security.