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Why is China so concerned about Israel-Iran tensions?

Why is China so concerned about Israel-Iran tensions?

One country outside the Middle East that's closely following the war between Israel and Iran, and any possible ceasefire, is China. That's because China is the largest importer of Iranian oil, and Beijing is a close political partner of Tehran.

Iran currently exports around 90% of its crude oil to China, despite U.S. sanctions designed to cut off Iran's oil sales, which the U.S. says directly fund Tehran's military.

Why does China buy so much oil from Iran?

"China has always been the biggest buyer" of Iranian oil, especially after U.S. sanctions on Iran were expanded in 2019, says Muyu Xu, a senior analyst at commodities research firm Kpler.

According to Xu's calculations, China is able to buy the Iranian crude oil at a discount of about 8% compared to the market price, because Iran has few other buyers.

Neither China nor Iran publishes official data on their oil trade, so Xu relies on satellite data and sources on the ground to track oil tankers as they make their way circuitously from Iran to ports in eastern China.

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