An executive at China's Sinopec oil refining company said on Monday that the state-run company does not intend to buy Iranian oil but is seeking permission to tap government reserves, days after the United States eased some sanctions on shipments of Iranian crude. The operations of the world's largest oil refiner, in particular, have been threatened by the near-total closure of the Strait of Hormuz, as it imports nearly half of its crude oil needs from the Middle East. The executive said Sinopec buys Saudi oil from Yanbu and imports oil from outside the Middle East. To ease the global supply crisis, U.S. Treasury Secretary Scott Bessent issued...
