China Snubs Trump on Iran as Biggest Refiner Halts U.S. Oil Buys - Bloomberg

China Snubs Trump on Iran as Biggest Refiner Halts U.S. Oil Buys - Bloomberg:

Rising trade tensions between China and the U.S. may soon affect global oil flows.

China’s largest refiner, Sinopec, will delay making any purchases of U.S. oil for September amid concern that the Asian giant will slap tariffs on American crude, making imports more expensive, according to a person familiar with the matter. Beijing declined to stop imports from Iran, dealing a blow to U.S. efforts to isolate the Islamic Republic, though it agreed not to increase shipments, according to officials familiar with the negotiations.

Petroleum was left off the list of products on which Beijing said Friday it plans to levy duties of 5 percent to 25 percent as soon as the Trump Administration enacts measures. The world’s biggest oil importer took a record volume from the U.S. in June, increasing the potential hit to American producers if China does enact tariffs.