However, such a move might also drive up global oil prices and have an impact on American consumers just weeks before a crucial election. Washington’s sanctions have failed to stymie Iran’s oil exports, largely because China has been willing to defy Washington. With Beijing purchasing about 90% of Iran’s crude oil, an Israeli attack on Iranian facilities would have uncertain consequences. China could offset the loss of its 1.5m barrels per day of Iranian oil by turning to Saudi Arabia, which has ample spare production capacity. However, Riyadh, having recently restored ties with Tehran, is cautious about being drawn into a conflict between Israel and Iran.

Source: The North Africa Journal October 09, 2024 14:24 UTC