U.S. Sanctions Hit China's Iranian Oil Traders Amidst Middle East Tensions

The United States has imposed sanctions on approximately 100 individuals, entities, and vessels tied to Iran's oil and petrochemical trade. This includes Chinese entities like Shandong Jincheng Petrochemical Group, an independent refinery in Shandong Province, and Rizhao Shihua Crude Oil Terminal, both key players in facilitating Iranian oil sales.

The U.S. Treasury Department's sanctions, announced under President Donald Trump's administration, aim to cut Iran's oil revenue, believed to fund Tehran's nuclear ambitions and regional militant activities. These measures are part of the fourth round targeting Chinese refineries that persist in purchasing Iranian oil.

Amidst the sanctions, there are ongoing efforts for peace in the Middle East, highlighted by the Israel-Hamas ceasefire and hostage deal, supported by Iran. Trump's administration indicated potential cooperation with Iran but emphasized the ban on Iran's nuclear weapon acquisition.

(With inputs from agencies.)