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.

Inspections reportedly uncovered multiple maritime violations and irregularities in the tanker’s cargo documentation, prompting its confiscation

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,

China’s independent oil refiners are boosting their intake of Iranian crude from onshore tanks and ships idling at sea after Beijing issued a fresh round of import quotas late last month.