Yesterday when discussing China's unexpected flip-flopping on its decision to order local banks to ignore the latest US sanctions on Chinese, followed days later by a demand that they pause loans to sanctions refiners, we highlighted something remarkable: in the aftermath of the Strait of Hormuz blockade, which throttled the transit of ~10% of global oil and sent physical prices soaring to record highs (especially for Dubai crude), resulting in a windfall for European refiners thanks to soaring gasoline premiums...