Tensions are rising sharply in the Middle East after Iran seized a foreign oil tanker in the strategic Gulf of Oman, detaining 18 crew members in a dramatic maritime interception. Iranian authorities claim the vessel was carrying six million liters of illegally smuggled fuel and ignored repeated stop orders before attempting to flee.

Slowing imports from China, driven by government quotas and US sanctions on Chinese entities, have pushed the volume of Iranian oil held in floating storage to 52 million barrels, the highest level since May 2023,

In response to a reporter seeking to demystify the status of Iranian oil sanctions under Trump, the president clarified little—instead opting to casually mention that he could have plundered Iran’s oil but opted not to. Just days after Trump’s ...