Chinese refiners are increasing purchases of Iraqi crude as disruptions at the Strait of Hormuz and in the Red Sea complicate traditional Gulf oil supplies to Asia.

Chinese refiners are increasing purchases of Iraqi crude as disruptions at the Strait of Hormuz and in the Red Sea complicate traditional Gulf oil supplies to Asia.

Purchases from the Gulf accounted for 27.6 per cent of China’s total crude imports in July, up over 10 percentage points from the month before.