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US Navy’s blockade of Iran hits China’s cheap oil deals: Report

May 1, 2026
Source: lokmattimes.com lokmattimes.com
News Snapshot:
New Delhi, May 1 The US Navy's blockade of Iran has built economic pressure on Tehran that continues even though the ceasefire has led to a temporary pause in fighting, according to a new report.The blockade has also hit China’s purchases of Iran’s oil, at discounted prices, deals for which were being carried out through a covert financial system and a fleet of ghost tankers.According to an article in Sky News Australia, Iran’s Islamic Revolutionary Guard Corps (IRGC) has sustained itself through shell companies, rotating ship identities, and shadow banking corridors that kept oil revenue flowing outside the formal financial...
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