Indian refiners Indian Oil and Reliance are paying for Iranian crude in Chinese yuan, routed through ICICI Bank's Shanghai office, a payment mechanism not previously disclosed publicly. The transactions occurred under a temporary U.S. sanctions waiver that is set to expire soon, adding urgency to how refiners and policymakers manage the wind-down. The yuan channel mirrors an arrangement India has already established for Russian oil purchases, suggesting a durable infrastructure for sanctions-adjacent trade finance is taking shape outside the dollar system. The ICICI Shanghai office effectively functions as the clearinghouse, allowing rupee-constrained bilateral trade to settle in a third currency without touching U.S. dollar correspondent banking rails. When the Iran waiver lapses, Indian refiners face a binary choice: halt those specific crude flows or risk secondary sanctions exposure. The yuan routing also draws attention to ICICI Bank's potential compliance exposure and may invite scrutiny from U.S. regulators monitoring third-country financial institutions facilitating sanctioned-country trade.
Qatar's foreign ministry said mediators including Qatar, Pakistan, and Oman have reached "very progressive stages" in efforts to end the US-Iran war, pushing Brent crude down more than four percent.
Qatar confirmed it is mediating between the US and Iran but said no direct talks are currently planned. The clarification follows conflicting statements from President Trump, who claimed talks are under way, and Tehran, which denied any dialogue is happening.
Saudi Aramco reported sharply higher second-quarter 2026 profits as the Iran war restricts global oil supply and pushes crude prices up. Other oil supermajors also posted outsized earnings, raising concerns about sustained fuel cost pressure for importing economies.
President Trump called current Iran negotiations the "last chance" to end five months of conflict, pushing oil prices higher. Tehran denied formal talks are taking place, raising the risk of a diplomatic breakdown with direct consequences for global energy markets.
