Iran Oil Surge Crushes China's Teapot Refiners

Picture this: clusters of ramshackle refineries dotting China's eastern coast, churning out diesel and petrol from dirt-cheap crude that bigger players shun. Dubbed 'teapots' for their modest size and gritty operation, these indie outfits have long been the unsung heroes of China's fuel supply. But the Iran-fueled oil price explosion is turning their survival story into a cautionary tale. With crude spiking and margins vanishing, layoffs loom and production stalls—exposing cracks in the world's...