The U.S. issued a sweeping rollback of Iran oil sanctions, unlocking billions of dollars in revenue. Chinese state and independent refineries are expected to ramp up purchases of Iranian oil during the 60-day window. The move could unfreeze a floating inventory of around 67 million barrels of Iranian crude stranded in the Gulf, handing Iran a significant financial windfall. The Brugge oil tanker anchored off the Port of Long Beach in Long Beach, California, US, on Thursday, May 7, 2026. Tim Rue | Bloomberg | Getty Images 
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