China has suspended October exports of gasoline, diesel, and jet fuel to every destination except Hong Kong and Macau, Reuters reports. PetroChina has already canceled planned cargoes.
Beijing is protecting supply at home. Diesel stocks sit roughly 20 million barrels below the threshold China set before allowing exports, with gasoline about 9 million barrels short.
At the same time, tanker tracker Kpler confirms no tankers loaded in Iran during September — the first zero-loading month since tracking began in 2013. China had been buying up to 90% of Iran's oil. Under the U.S. naval blockade, that lifeline is now severed.
The rest of the Gulf has recovered — crude exports excluding Iran are back near pre-war levels. Iran stands alone at zero, its main source of foreign revenue choked off. With Russia's diesel export ban also running through October, global fuel markets are tightening fast.
Sources: Reuters, Kpler via TradeWinds.