Iran oil cargoes dry up even before US acts on Tehran threats; China's 'teapots' face crunch
China's private refiners face a supply crunch as Iranian oil cargoes dwindle, with prices rising to a premium of $4 per barrel. Approximately 40 million barrels of Iranian crude are stranded, with only 4 million barrels available for sale. The shortage coincides with upcoming US sanctions targeting Chinese buyers, which could further impact supply chains.