Iranian crude swung from a $2 premium to a $1 discount to Brent in weeks as China's teapot refiners cut run rates amid mounting losses.

Iranian crude swung from a $2 premium to a $1 discount to Brent in weeks as China's teapot refiners cut run rates amid mounting losses.

Beijing has leaned on stockpiles, refinery cuts and export curbs instead of chasing replacement crude, helping cushion global markets from the supply shock.

China's crude oil imports dropped 29% to an eight-year low during the Iran war, keeping Brent crude under $100 as Beijing drew down strategic reserves.

China's fuel demand has unexpectedly dropped significantly, with gasoline and diesel sales falling as consumers shift to electric vehicles and public transport. This behavioral…