The war between Iran and Israel, which erupted on Friday, June 13, 2025, has triggered a rise in global crude oil prices.
Quoting Reuters, as of 03:40 GMT on Tuesday, June 17, 2025, Brent crude oil prices rose 0.5% to US$73.57 per barrel, and US West Texas Intermediate crude oil prices increased by 0.4% to US$72.06.
"Oil prices climbed on Tuesday on concerns the Iran-Israel conflict may intensify, raising the risk of further unrest and the potential disruption of oil supply from the key Middle East producing region," said Reuters.
This concern stems from Iran's position as one of the major oil-producing countries in the Middle East, even ranking among the top global producers.
However, it appears that only a few countries directly purchase oil from Iran.
According to the U.S. Energy Information Administration (EIA), the main buyer of Iranian oil is China. Of Iran's total crude oil and condensate exports in 2023, 89% were shipped to China.
A small remaining portion was shipped to Syria (6%), the United Arab Emirates (3%), and Venezuela (2%).
"China’s independent refineries, located primarily in the country’s northeastern Shandong province, have purchased most of Iran’s oil exports during the past three years," stated the EIA in its Country Analysis Brief: Iran (2024).
"Iran increased oil price discounts to compete with Russia for crude oil market share in China," they said.