China is converting its position as Iran's economic lifeline into diplomatic leverage with both sides simultaneously. The mediator doesn't mediate. The mediator sets the price. On May 2, China's Ministry of Commerce issued a formal injunction ordering five Chinese refineries to ignore American sanctions. Hengli Petrochemical, Shandong Shouguang Luqing, Shandong Jincheng, Hebei Xinhai Chemical, and Shandong Shengxing Chemical were told that US measures against them "shall not be recognized, enforced or observed." It was the first time Beijing had activated its 2021 Blocking Rules as a binding legal instrument. Four days later, Iranian Foreign Minister Abbas Araghchi sat across from Chinese Foreign Minister Wang Yi in Beijing. Wang Yi called for a "prompt resumption of shipping traffic through the Strait of Hormuz" and an "immediate end to the hostilities." Iran's official statement on Telegram omitted the Hormuz demand entirely. Between the sanctions defiance and the ceasefire pressure sat eight days.…