How Hormuz tensions are straining China’s oil trade with Iran

China has absorbed the economic shocks from restrictions in the Strait of Hormuz, through which it relies heavily on energy imports. Beijing is Iran's largest trading partner and bought more than 80 per cent of Iranian crude shipped in 2025, much of it processed by smaller independent refineries willing to handle sanctioned oil sold at a discount. Last month, the United States sanctioned several Chinese refineries for buying Iranian crude worth billions of dollars, but Beijing has blocked those