- U.S. blockade has sharply cut Iranian crude offers to China, driving prices up — some cargoes even moved from a discount to roughly a $2-per-barrel premium.
- China's independent "teapot" refiners are scrambling for alternatives (Brazil, Iraq, Russia) as Iranian supplies on the water fall steeply.
- Washington has threatened tougher sanctions, leaving Chinese buyers nervous even as Beijing rejects unilateral measures.
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