US imposes sanctions on a China-based oil refinery

The U.S. has imposed sanctions on a major China-based oil refinery, Hengli Petrochemical, and around 40 shipping companies for engaging with Iranian oil. This decision aims to curb Iran's oil revenue amid ongoing tensions. The sanctions prevent these companies from accessing the U.S. financial system. U.S. Treasury Secretary Scott Bessent emphasized efforts to constrain Iran's oil transport network.

China, the largest buyer of Iranian oil, has expressed discontent with the sanctions, stressing they disrupt international trade. These economic measures come as global energy markets face challenges due to ongoing regional conflicts.