China's Demand for Discounted Iranian Oil Hits Record Highs Despite US Sanctions; Iraq Proposes Direct Sales to Restart Exports After Seven-Month Halt

The US is grappling with curbing Iran's oil income as China's demand for discounted crude grows. Oil producers in Iraq's Kurdistan region are considering direct sales to the government to restart exports after a seven-month halt. Progress is being made on a gas transportation deal between Iraq and Turkmenistan via Iran. China, the world's leading LNG importer, is reselling more cargoes for trading gains. Despite the threat of US sanctions, Iran's oil exports to China have surged to record highs.