The impact on oil prices will remain unknown until Brent futures markets reopen for the coming week, but analysts have sounded warnings about such a scenario. With such low costs, Iran gains disproportionately from high global prices, a crucial factor for an economy heavily reliant on oil revenues. Last year, Washington targeted Chinese “teapot” refineries, which operate independently of state-owned oil companies, accusing them of buying Iranian crude. China, however, continues to buy Iranian oil at below-market prices. Meanwhile, soaring oil prices risk a return to soaring inflation, hurting the global economy.

Source: New Zealand Herald February 28, 2026 21:32 UTC