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A top US official has accused China of funding “the largest state sponsor of terrorism” through its purchases of Iranian oil.

Some shit you should know before you dig in: If you’re unaware, China currently buys roughly 90% of Iran’s oil exports, making Beijing the financial lifeline keeping the Iranian economy afloat as it gets squeezed by US sanctions. The Strait of Hormuz, which normally handles about 20% of the world’s oil and liquefied natural gas every day, has been effectively shut down since Iran responded to the US-Israeli attack on Feb 28 by restricting commercial shipping through the waterway. The US has its own naval blockade going on Iranian ports, which China has condemned, accusing the US of aggravating the situation. Trump has been running a “maximum pressure” sanctions campaign against Iran, and his Treasury Department has been tightening the screws in recent weeks by targeting China’s independent “teapot” refineries that buy Iranian crude. Days ago, China instructed companies to ignore the US sanctions, arguing the US had no justification for them. The move came just a week before Trump and Chinese President Xi Jinping are set to meet at an in-person summit in China.

What’s going on now: Treasury Secretary Scott Bessent criticized China in an interview on Fox News, saying, “Iran is the largest state sponsor of terrorism, and China has been buying 90 percent of their energy, so they are funding the largest state sponsor of terrorism.” Despite the accusation, Bessent called on China to push Iran to make a deal and join the US-led “Project Freedom” operation that launched Monday to guide stranded commercial ships through the Strait of Hormuz.

Bessent said, “Let’s see them step up with some diplomacy and get the Iranians to open the strait.” He also called out China and Russia for vetoing a draft UN Security Council resolution earlier this month aimed at protecting commercial shipping in the Strait of Hormuz, which China said failed to address the root causes of the conflict, including the US and Israeli attacks on Iran. He also claimed the US has “absolute control of the strait” through its naval blockade and called Iran “a ragtag band of pirates.”

This all comes as Bessent projected confidence on the gas price crisis hammering American consumers, telling Fox News that the global oil shortfall caused by the war is running at about 8 to 10 million barrels a day, but that four or five crude carriers exiting the strait per day under Project Freedom could close the gap. “I think the market is going to be very well supplied.”

He called the gas price spike a “temporary aberration” and said Iran’s economy was “in free-fall,” adding, “everyone says they have a high tolerance for pain. Well, their soldiers will not have a high tolerance for not getting paid.”