BEIRUT, Aug. 24 -- At the Hengli Petrochemical refinery in Dalian, roughly 200,000 barrels of Iranian crude oil arrive each day, enough to keep one of China's most modern processing facilities running at full capacity. It is a supply chain that Scott Bessent, the United States Treasury Secretary, appeared to have in mind this week when he threatened to cut "every" economic lifeline sustaining Tehran.

The threat carries a structural problem. China absorbs approximately 90 percent of Iran's oil exports, representing roughly $31.2 billion in crude shipments in 2025 alone, according to the US-China Economic and Security Review Commission. Two-way trade between China and Iran added another $9.96 billion to that figure. If Bessent's vow means ...