US targets banks in a bid to quench China’s teapot refiner thirst for Iranian oil
- The US authority highlighted Chinese teapot refiners that have been involved in purchasing Iranian crude oil
- Key Chinese ports were also named for being involved in the import of Iranian crude oil as recently as March 2026
- The alert also cautioned banks of deceptive practices by vessels, highlighting the role of shadow fleets, middlemen and the infamous ‘Malaysia blend’
The Hormuz crisis has dampened Iranian crude exports globally as total exports approach the lowest point seen in the past year. Shandong, home to Chinese teapot refineries, continues to dominate as Iran’s top export destination by province
