Premiums for ESPO Blend crude oil loading from Russia's Kozmino port in late August to early September for delivery into China have held firm as buyers seeking to meet robust demand ignore the threat of increased U.

China on Wednesday responded strongly to the US suggestion that it will significantly raise tariffs if China continues to purchase Russian oil, saying "coercion and pressuring will not achieve anything.

Chinese officials responded that Beijing would protect its energy sovereignty. Bessent also expressed U.S. dissatisfaction with China’s ongoing purchases of sanctioned Iranian oil and its sales of over $15 billion in dual-use technology goods to Russia,