Hormuz tensions are flaring again as Iranian exports collapse, pushing Brent toward $87 and raising the risk of another run toward $100. China’s Crude Drawdown Puts Iranian Barrels Back in Demand- Shrinking crude inventories in China might spur a buying spree over the upcoming weeks, particularly for Russian and Iranian crude, buoyed by a record-high July stock draw in Shandong. - According to Kpler, Iranian crude held in floating storage remains relatively constant around 40 million barrels, double the amount seen in the first weeks of July when navigation was still unimpeded. ICE Brent has bounced back to $87 per barrel; however, another rally towards $100 per barrel is firmly on the table as Iranian loadings are close to zero in August, raising the risks of Tehran halting Hormuz transits completely. Trump Adds a New Price Tag to Hormuz Talks.