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Line chart showing WTI crude closing steady at $85.46 after China lost its Iran sanctions exemption in August 2026.

WTI crude closed at $85.46 Tuesday, up just 27 cents, after the US Treasury confirmed China would not be exempt from the Iran sanctions campaign unveiled a day earlier. That reaction is far smaller than moves oil has shown on genuine supply-fear days this cycle, including a 6.56% jump on July 29 and a 2.89% rise on August 20. China buys roughly 90 percent of Iran's oil exports, so naming Beijing is not the same as Beijing actually curtailing those purchases, and traders are pricing the gap between the two.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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