US sanctions Chinese refinery, tankers over Iran oil

The Trump administration has imposed new economic sanctions on a major China-based oil refinery, Hengli Petrochemical, and approximately 40 companies and tankers involved in shipping Iranian oil. This action, announced by the Treasury Department's Office of Foreign Assets Control (OFAC), targets the Iranian oil trade and its shadow fleet. The sanctions are part of the ongoing 'Economic Fury' pressure campaign aimed at cutting off revenue to Tehran. This move follows the U.S. decision not to renew waivers for Iranian and Russian oil purchases and coincides with heightened tensions in the Strait of Hormuz.