Stockpiled Iranian Oil Cushions China From U.S. Blockade of Hormuz

China’s teapots can rely on the highest volumes of Iranian crude sitting on tankers since January to blunt a potential supply crunch due to the U.S. blockade of the Strait of Hormuz, analysts say. Weekly volumes of Iranian oil in floating storage were more than 38 million barrels as of Sunday, April 12, the highest since the week of January 18, according to data from Kpler cited by Bloomberg. Many of these barrels are on tankers near China. The Chinese teapots, the independent refiners in the Shandong province, have been…