Trump Baffles With Sudden U-Turn on China Buying Iranian Oil [View all]

Source: Bloomberg via Yahoo Finance

June 24, 2025 at 9:35 PM CDT. (Bloomberg) -- President Donald Trump on Tuesday appeared to undermine years of US sanctions on Iran, giving its biggest customer China the green light to carry on buying its oil as he seeks to bolster a ceasefire with Israel.

The announcement on social media — which surprised both oil traders and officials in his own government — could undermine the central element of Washington’s Iran policy under multiple administrations, which have sought to cut the regime’s main source of revenue by making its top export off limits.

“China can now continue to purchase oil from Iran,” the president said on Truth Social, amid a flurry of posts demanding Israel and Iran cease hostilities.

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US Treasury and State department officials handling Iranian oil sanctions were surprised by Trump’s statement and uncertain how to immediately interpret it, according to people familiar with the situation.

Read more: https://finance.yahoo.com/news/trump-baffles-sudden-u-turn-203730657.html

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I don't encounter a paywall, and I don't have a subscription to Bloomberg. Yahoo Finance is hosting this article.

This incredibly long article discusses many of the flips e.g.



and also how China has been buying Iranian crude surreptitiously anyway