The refiner purchased the oil from the National Iranian Oil Co, sources said. According to one of them, the cost of the crude oil was at a premium of about $7 a barrel to ICE Brent futures. The US President Donald Trump administration on last Friday, March 20, issued a 30-day sanctions waiver for the purchase of Iranian oil already at sea. On the other hand, Asia’s top ⁠refiner Sinopec, does not seek to buy Iranian oil, a senior executive at the Chinese state giant said on Monday. Brent Crude fell to $96 after Trump holds military action on Iran while Oil prices plunged by over 13%.

Source: dna March 24, 2026 16:15 UTC