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Asian refiners hunt for oil supplies amid trade war, looming Iran sanctions

Seoul has halted all orders of Iranian oil, according to sources, even as it braces from spillover effects from the US-China tit-for-tat on trade

Reuters  |  Singapore 

Asian oil refiners are racing to secure crude supplies in anticipation of an escalating trade war between the United States and China, and as Washington plans tough sanctions against Iran aimed at shutting the country out of oil markets. As part of a wave of retaliation for Friday's US tariffs, China has threatened a 25 per cent duty on imports of US crude. Meanwhile, Washington's new sanctions against Tehran are due to kick in from November. That double whammy is prompting Asian refiners to move swiftly, with South Korea leading the way. Under pressure from Washington, ...

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First Published: Fri, July 06 2018. 15:10 IST