China snubs Trump on Iran as biggest refiner halts US oil buys

China snubs Trump on Iran as biggest refiner halts US oil buys:

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

China’s largest refiner, Sinopec, will delay making any purchases of US 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 US 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 on Friday it plans to levy duties of 5% to 25% as soon as the Trump Administration enacts measures. The world’s biggest oil importer took a record volume from the US in June, increasing the potential hit to American producers if China does enact tariffs.