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The article discusses U.S.-China tensions over Iran sanctions enforcement. China continues to buy ~90% of Iranian oil, undermining U.S. sanctions. Trump's downplaying of China's leverage suggests no immediate escalation, but the risk of tighter sanctions enforcement remains. If the U.S. pressures China to reduce Iranian oil imports, global oil supply could tighten, benefiting other producers but squeezing Chinese refiners. The channel is regulatory/sanctions-driven supply shortage. Impact is global for oil markets, but specifically affects EM (China) and Iran's oil exports.