U.S. Says China Has Slashed Iranian Oil Purchases by 40%

The United States says its campaign to choke off Iran's oil revenue may finally be showing results where it matters most: China.

Treasury Secretary Scott Bessent said Tuesday that Chinese purchases of Iranian crude have fallen sharply after Washington expanded sanctions on the country's independent "teapot" refiners, which have long been the primary buyers of discounted Iranian barrels.

Speaking to Fox Business, Bessent said China's crude purchases have dropped by about 40% over the past several months, putting direct financial pressure on Tehran.…