Business
UNDERREPORTED
China snaps up half of Brazil's crude as Iran conflict stalls Hormuz trade
China purchased 50% of Brazil's oil exports, driving a record $21.8 billion in crude sales after the Iran war disrupted Gulf shipments.
Brazilian oil shipments to China surged by 49%, reaching a historic $21.8 billion in value and a 27% rise in volume. The spike followed the closure of the Hormuz Strait caused by the war on Iran, which forced buyers to seek alternative supplies. Overall Brazil-China trade hit a record $143 billion in the first nine months of the year. China now accounts for half of Brazil's crude exports, far outpacing the next biggest buyer, India.
Why it matters
The shift shows how geopolitical tensions can quickly reshape global energy flows and boost trade between emerging markets.
In this story
Brazil oil exportsChina crude purchasesIran warHormuz closurerecord tradeUS$143 billionUS$21.8 billioncrude shareIndia buyer
