US Escalates Iran Pressure: Plans for Hormuz Blockade and Sanctions on Chinese Refineries

The U.S. administration is intensifying its 'Maximum Pressure' campaign, with the ongoing naval blockade significantly reducing Iranian oil exports. In a significant escalation, the Speaker of Iran's Parliament has conditioned the reopening of the Strait of Hormuz on the lifting of the U.S. blockade, predicting prices could surge to $140 per barrel. Adding to these concerns, Chevron's CEO warned of severe risks to global supply chains, noting that a potential shutdown of the strait would trigger a major supply crunch. These geopolitical tensions coincide with Chevron's Q1 earnings performance, which reflects the broader market sensitivity to energy security risks. Meanwhile, Chinese refineries continue to curb intake amid U.S. sanctions on 35 shadow banking entities, forcing Iranian crude into floating storage as land-based capacity reaches its limit.