# Brent

Type: Product (BRENT)

Source: Supply Chain Intelligence Brief — https://getsupplybrief.com/entity/brent
Canonical HTML page: https://getsupplybrief.com/entity/brent

## Timeline

- **2026-06-30**: Bessent reveals China as sole buyer — Treasury Secretary Scott Bessent announced on Fox News that only China continues to purchase Iranian crude, leaving Iran’s oil market largely isolated despite the truce.
- **2026-06-26**: WTI settles below $70 — West Texas Intermediate crude settled below $70 per barrel for the first time since late February, reflecting the unwinding of the war premium.
- **2026-06**: U.S.-Iran Memorandum of Understanding — A truce agreement was signed in mid-June, ending nearly four months of conflict, reopening the Strait of Hormuz, and lifting the U.S. naval blockade.
- **2026-02**: U.S.-Israel strikes on Iran — The U.S. and Israel launched military strikes on Iran, prompting Tehran to throttle the Strait of Hormuz and leading to a four-month closure of the chokepoint.

## Recent coverage (1 stories)

### Hormuz reopened, but 80% of tankers still shun Iranian oil—logistics gridlock
2026-07-01 00:21:52 · Sentiment: Neutral · Impact: 6/10 · Sources: 3

The Strait of Hormuz is operational, but Iranian crude remains largely unsold except to China. Supply chain managers must navigate sanctions compliance, insurance hurdles, and a bifurcated tanker market that keeps global flows distorted.
Full story: https://getsupplybrief.com/story/iran-oil-supply-chain-bessent-china

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