China’s Teapot Refiners Rush to Secure Iranian Crude as Oil Prices Slide
China’s independent refiners are looking for prompt Iranian crude cargos after Beijing issued the latest batch of quotas for oil imports and after international prices took a plunge following the latest news about the war in the Middle East. Brent crude and WTI are both down, below $100 per barrel, after President Trump announced a two-week ceasefire, with Iran saying it would ensure safe passage for tankers via the Strait of Hormuz. Amid these developments, the so-called teapot refiners are eager to stock up on Iranian crude, unnamed traders…