Iranian crude oil exports to Chinese refiners have begun to dry up as the latest round of US sanctions and naval blockades effectively restrict supply routes through the Strait of Hormuz.
Data indicates that ship traffic through the critical waterway has dropped to single digits, forcing Chinese buyers to seek alternative energy sources despite the lower cost of Iranian oil.
The supply squeeze is expected to put upward pressure on global oil prices, as the US continues its economic campaign to collapse Iran's primary revenue stream.