South Korea had completely halted shipments in July because of a European Union ban on insuring tankers carrying oil from the Islamic Republic.
A resumption would suggest top Asian buyers of Iranian oil are finding ways to keep oil flowing in despite tough sanctions from the United States and Europe. Iran is set to arrest a slide in oil shipments in July as China increases imports to a record high to account for more than half of Tehran’s crude exports, an industry report said. China’s crude oil imports from Iran rose to their highest in nearly a year in June despite the tough Western sanctions targeting Iran’s oil shipments. Tehran has come under unprecedented Western-led economic sanctions including oil embargo for its nuclear program. However, Iran as a signatory to the nuclear Non-Proliferation Treaty (NPT) is legally entitled to develop nuclear technology for peaceful purposes.
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