Cracking Down on Iran's Petrochemical Trade: U.S. Sanctions Shake Global Oil Market

In a significant move, the United States imposed sanctions on approximately 100 individuals, entities, and vessels involved in Iran's oil and petrochemical trade. Among the targets were Chinese independent refineries like Shandong Jincheng Petrochemical Group and the Rizhao Shihua Crude Oil Terminal, which have been pivotal in handling Iranian oil since 2023.

The measures, the fourth round of such sanctions, are part of a broader effort by the U.S. Treasury to disrupt Iran's energy export infrastructure, aiming to limit Tehran's capacity to finance its nuclear and missile programs. The sanctions coincide with a ceasefire agreement between Israel and Hamas, which Iran has tentatively supported.

Despite these U.S. sanctions, reports indicate that Iran's oil exports continue to thrive, setting new records in September. Observers attribute this to pre-emptive stockpiling ahead of a potential resumption of U.N. sanctions. Efforts by the U.S. intend to pressure Iran and its trading partners, as diplomatic channels remain engaged at various levels.

(With inputs from agencies.)