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.