There is one big hitch in U.S. plans to stem buying of Iranian oil: China. Some in Washington now expect that China will vacuum up much of the Iranian oil that other nations won’t buy because of the threat of U.S. sanctions , according to a senior U.S. government energy official. China buying extra Iranian oil could dull the economic impact of those sanctions . It could also bring Iran closer to China at a time of elevated tensions between Washington and Beijing over trade. In May, President Donald Trump pulled the U.S. out of the 2015 Iran nuclear deal and vowed to reimpose sanctions on Tehran. Oil prices jumped sharply higher in reaction and if China does take spare Iranian crude that could add to pressure currently pushing crude lower, traders say. In anticipation of sanctions, foreign oil companies are already exiting Iran and international banks have declined […]