During a brief ceasefire window, Iran reportedly shipped oil to China, generating billions in revenue before enforcement resumed. The cyclical nature of blockades and truces has created a pattern Iran has learned to exploit.
The shadow fleet playbook
China accounts for roughly 90% of Iran’s oil exports. The primary buyers are independent Chinese refiners known as “teapot” refineries, smaller operations that snap up sanctioned crude at steep discounts.
The logistics rely on a shadow fleet of tankers that employ ship-to-ship transfers, essentially passing cargo between vessels in open water to obscure the oil’s origin, making tracking nearly impossible for sanctions enforcers.
