Iran's Oil Exports Soar as Israel Attack Prompts Cargo Clearout
Iran's oil exports have jumped since the nation came under attack from Israel on Friday, according to a firm that specializes in monitoring clandestine shipping.
The Islamic Republic exported an average of 2.33 million barrels a day since June 13, according to data from TankerTrackers.com. That's an increase off 44% compared with the year through June 12. The lion's share of that oil comes from Kharg Island, home to a cluster of storage tanks that are critical infrastructure for Iran.
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Yahoo
28 minutes ago
- Yahoo
Xi Shows No Sign of Rescuing Iran as Trump Ramps Up Pressure
(Bloomberg) -- China was quick to condemn Israel after its assault against Iran. Yet President Xi Jinping has shown no sign of rushing to provide weapons and other support that would help Tehran face its most critical military test in decades. Security Concerns Hit Some of the World's 'Most Livable Cities' JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown How E-Scooters Conquered (Most of) Europe One Architect's Quest to Save Mumbai's Heritage From Disappearing Beijing has repeatedly issued warnings against escalation, calling again on Thursday for the US and other nations to embrace dialogue and 'prevent the regional situation from sliding into the abyss.' Despite that, China has yet to offer any material support to Iran beyond continuing its normal trading relationship, an approach it also took with Russia. While Xi's government has provided diplomatic support for Vladimir Putin's war in Ukraine and shipped dual-use goods to Moscow, China has also been careful not to directly provide weapons in order to avoid US sanctions. Beijing similarly urged de-escalation after its 'ironclad friend' Pakistan and India engaged in their worst military confrontation in half a century. 'China may be offering economic relief and rhetorical support to Iran, but actual military intervention is not anywhere near the table yet,' said Wen-Ti Sung, nonresident fellow with the Atlantic Council's Global China Hub. 'China does not want to risk getting entrapped by Iran's war with an Israel that has the Trump administration behind it.' While the US has a history of becoming embroiled in protracted wars far from home, China's reluctance to get entangled in foreign conflicts is a hallmark of Xi's foreign policy. That principle of non-interference has allowed Beijing to distinguish itself from Washington in the Global South, where it has pursued ties primarily by offering loans and development, while refraining from calls for political change. Beijing's approach toward Iran, as it faces attacks from Israel and potentially the US, mirrors that of its other major partner, Russia. Like Beijing, Moscow has criticized Israel's attacks but done little to support Tehran. After discussing the Middle East by phone with Putin on Thursday, Xi issued a four-point proposal on the conflict that called for a ceasefire and to 'stop the war.' 'It is up to the international community, especially the major powers that have a special influence on the parties to the conflict, to make efforts to contribute to the cooling of the situation,' he said, in a veiled reference to the US. China has strengthened diplomatic and economic ties with Tehran in recent years, although it has no formal alliance with the Islamic Republic. Xi oversaw Iran's joining of the Shanghai Cooperation Organization security club in 2023, and then its accession to the BRICS bloc — groupings Beijing has bolstered to challenge US power on the world stage. While Beijing signed a 25-year strategic cooperation agreement in 2021 that included a reported $400 billion in Chinese investment pledges, implementation of that deal has been weak. China's economic interests in the wider Gulf region now far outweigh its economic ties to Iran. Trade ties with Iran are heavily skewed in Beijing's favor. China accounts for about a third of Iranian trade, while Iran represents less than 1% for China, according to the Center for Strategic and International Studies. And while Beijing buys some 90% of Iran's oil exports in defiance of US sanctions, the Islamic Republic is ultimately a replaceable energy partner for the Asian country. 'In the unlikely event that all Iranian exports are lost, they could be replaced by spare capacity from OPEC+ producers,' Fitch Ratings wrote in a Monday note. Already signs of a shift are emerging. As concerns grow over expanding secondary sanctions, Chinese private refiners have reduced purchase in recent weeks. Iranian oil flows into China fell to around one million barrels a day in May hitting a three-month low, according to data tracked by Vortexa. While Beijing brokered a diplomatic detente between Iran and Saudi Arabia in 2023, it has largely remained on the sidelines as fresh conflicts have unsettled the Middle East. Iran, facing a superior Israeli military, would likely need advanced air defense systems and fighter jets — support that China is unlikely to provide. China has since 2005 officially ceased selling major weapons systems to Tehran, although the US earlier this year sanctioned six Hong Kong and Chinese companies for allegedly helping Iran source drone parts. Another option could be to help mediate. But even if Xi were willing, it's unclear if either side would welcome him. Israel is unlikely to accept China after Beijing has aligned with the Palestinian cause. China also prefers to work through multilateral frameworks such as the United Nations, rather than taking a leading role. 'Xi has expressed willingness to help. But what can he or China do?' said Zhiqun Zhu, professor of political science and international relations at Bucknell University. Mediating 'is a tall order that's hard to reach without cooperation of other key players, especially the United States.' Perhaps the biggest risk for Beijing is the conflict spiraling into a regional war that directly involves the US and could threaten China's energy security. The world's No. 2 economy is a net importer of crude oil, and about 45% of those shipments pass through the Strait of Hormuz. Surging commodity prices would also blunt China's ability to stabilize growth, at at time when policymakers are already grappling with rising trade barriers and a yearslong housing crash that's weighing on consumer spending. 'While Beijing will continue to condemn the conflict, it will also seek to balance ties with Israel and the Gulf states and promote stable energy flows,' according to Bloomberg Economics analysts including Alex Kokcharov. A contained conflict that preoccupies Washington could hold one silver lining for Beijing, he added in a note Thursday: Greater US involvement in the Middle East would 'distract Washington from strategic competition with China.' That calculation is reflected in the mixed views from commentators on Chinese social media, where some nationalist voices urged Beijing to help Tehran. Political commentator Li Guangman argued Iran's failure would be a 'geopolitical disaster' for China. The fall of the Iranian regime would undermine Xi's Belt and Road Initiative, compromise the security of the China-Pakistan Economic Corridor, and allow the US to regain control of regional oil, prolonging its 'petrodollar hegemony,' he said. Ultimately, Beijing prizes stability in its foreign relations and rarely supports violent regime change abroad, according to Neil Thomas, a fellow for Chinese politics at the Asia Society Policy Institute's Center for China Analysis. 'China's strategy in the Middle East is to stay on good terms with everyone to maximize its economic gains and geopolitical influence,' he added. --With assistance from Jing Li, Josh Xiao and Sarah Chen. Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? 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32 minutes ago
- Bloomberg
A War in the Middle East Is Pushing Asian Gas Buyers to Consider Plan B
Welcome to our guide to the commodities markets powering the global economy. Today, energy reporter Stephen Stapczynski writes about why conflict between Israel and Iran is prompting a gas rethink in a key consuming region. Asia, the world's fastest-growing market for liquefied natural gas, was expected to import more and more from the Middle East. It's a prospect that encouraged expansions among big producers Qatar, Oman and the United Arab Emirates.
Washington Post
an hour ago
- Washington Post
Hackers say they wiped out $90 million from Iran cryptocurrency exchange
DUBAI, United Arab Emirates — Hackers with possible links to Israel have drained more than $90 million from Nobitex, Iran's largest cryptocurrency exchange, according to blockchain analytics firms. The group that claimed responsibility for the hack leaked on Thursday what it said was the company's full source code. 'ASSETS LEFT IN NOBITEX ARE NOW ENTIRELY OUT IN THE OPEN,' the group wrote on its Telegram account. The stolen funds were transferred to addresses bearing messages that criticized Iran's Revolutionary Guard, Blockchain analytics firm Elliptic wrote in a blog post. It said the attack likely was not financially motivated as the wallets the hackers had poured the money into 'effectively burned the funds in order to send Nobitex a political message.' The hackers group, Gonjeshke Darande — 'Predatory Sparrow' in Farsi — accused Nobitex of having helped Iran's government to evade Western sanctions over the country's rapidly advancing nuclear program and transfer money to militants, in a post on X claiming the attack. Nobitex appeared to have confirmed the attack. Its app and website were down as it assessed 'unauthorized access' to its systems, it said in a post on X. The theft spanned a range of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin and more, said head of national security intelligence at Chainalysis Andrew Fierman. The breach is 'particularly significant given the comparatively modest size of Iran's cryptocurrency market,' he added. The hack appears to be motivated by escalating tensions in the Israel-Iran conflict , which broke out last week when Israel struck Iran's nuclear sites and military officials , drawing Tehran's response with barrages of missiles. It came after the group said it had destroyed data in a cyberattack against Iran's state-controlled Bank Sepah on Tuesday. Elliptic said that relatives of Iran's Supreme Leader Ali Khamenei were linked to the exchange and that sanctioned Revolutionary Guard operatives had used Nobitex. It shared evidence that the exchange had sent and received funds from cryptocurrency wallets controlled by Iranian allies including Yemen's Houthis and Hamas . Gonjeshke Darande has previously claimed responsibility for other high-level cyberattacks against Iran, including a 2021 operation that paralyzed gas stations and a 2022 effort against a steel mill that sparked a large fire. Israeli media have widely reported that Gonjeshke Darande is linked to Israel but the country's government has never officially acknowledged ties to the group. U.S. Senators Elizabeth Warren and Angus King last year raised concerns about Iran's use of cryptocurrencies to evade sanctions.
