China's Iranian Oil Imports Halve in June as US Sanctions a Chinese Refinery

China's crude oil imports from Iran fell to about 654,000 barrels a day in June 2026, more than halving from the prior month. The US Treasury Department, in an official statement issued in July 2026, sanctioned the Chinese refinery Shandong Shengxing Chemical Co. for purchasing more than a billion dollars' worth of Iranian crude, including from a front company linked to the Revolutionary Guards' Quds Force. According to CNBC, China, which typically buys around 90 percent of Iran's oil exports, has scaled back purchases amid tightening sanctions and geopolitical risk.