China Halts Fuel Exports as Hormuz Crisis Tightens Global Supply

The Chinese government has moved to ban all fuel exports amid a worsening supply crunch because of the severe disruption in tanker traffic in the Strait of Hormuz. The ban covers gasoline, diesel, and jet fuel, unnamed sources told Reuters. The restrictions will take immediate effect, applying to all cargoes that had not passed through customs as of March 11, the sources also said. Earlier this month, China asked state-owned energy exporters to find ways to cancel outgoing cargoes and suspend export contracts to secure domestic supply before it…