With COVID-19 still dominating the headlines, this time with vaccination news, it is easy to lose sight of other note worthy incidents that would typically make headlines surrounding the crude industry. According to the Wall Street Journal, Iranian oil tankers have been struck by the Israeli Army, which were headed towards Syria over the last few months. The motivation for such an attack is due to the oil profits are considered to support extremist actions in the middle east. Iran and Syria remain under sanction with U.S. and Europe.
During the present time, China has received so much in imports from Iran, that their shipping channels are clogged with Iranian oil vessels. The logic behind the mass oil movement to China is due to the sanctions. The Iranian oil must discount, which allows China to take on a great purchasing opportunity. Iran was able to increase 35,000 barrels of oil daily during February, a sign of returning financial impact for both production and demand expectations.