China Orders Firms Ignore US

China's directive to ignore U.S. sanctions on Iranian oil increases supply availability for Chinese refiners, reducing their input costs and potentially lowering global crude prices as Iranian oil flows more freely. This challenges U.S. enforcement and may lead to tighter U.S. sanctions or secondary sanctions on Chinese entities. The mechanism is regulatory (blocking statute) and supply_shortage (reduced scarcity of Iranian oil). Impact is global on crude oil markets, with specific effects on Chinese independent refiners (teapots) and Iranian oil exports. Winners: Chinese refiners (lower input costs), Iranian oil producers (higher exports). Losers: U.S. shale producers (competition), other OPEC+ members (market share).