Analysts suggest China could gain significantly if US-Iran talks lead to sanctions relief for Iran, a major oil supplier to China. Advances in negotiations raise hopes for a ceasefire extension and potential sanctions waivers allowing Iran to sell oil freely.

A major diplomatic breakthrough between Washington and Tehran could signal sanctions relief for Iran, a development analysts say bodes well for China, the primary buyer of Iranian oil. Negotiations have advanced on a proposed 60-day ceasefire extension, the reopening of the Strait of Hormuz and the US side issuing temporary sanctions waivers that would allow Iran to sell oil freely, Axios reported on Saturday, citing a US official. Any such relief would only be implemented under a final...