Russia, Iran Slash Oil Prices for China Amid US Threat, Deepening Geopolitical Tensions

• Russia and Iran have significantly widened oil discounts for Chinese buyers, intensifying competition as diverted cargoes overwhelm Asian demand.
• This price war coincides with a fresh US naval deployment, moving the USS Gerald R. Ford aircraft carrier closer to Israel, highlighting escalating geopolitical tensions.
• Discounts deepened after India scaled back Russian oil purchases, with Urals crude now $12 below Brent and Iranian Light up to $11 below Brent.
• Chinese 'teapot' refiners are at capacity, leading to a build-up of sanctioned crude in storage, while state-run majors largely avoid Iranian oil.
• The US repositioned its advanced aircraft carrier USS Gerald R. Ford to the Eastern Mediterranean, signaling reassurance to Israel and deterrence to Iran amid stalled nuclear talks.