Overview
- Washington expanded Iran-related sanctions on Friday by naming Qingdao Haiye Oil Terminal Co., Ltd., two vessel managers and a tanker, while Treasury warned that paying Strait of Hormuz “tolls” can trigger penalties and designated three Iranian currency exchangers.
- China’s Commerce Ministry responded on Saturday with a legal injunction that instructs domestic firms not to recognize or comply with U.S. measures against five refiners accused of buying Iranian oil.
- The order shields Hengli Petrochemical and four smaller “teapot” processors in Shandong and Hebei, yet it does not cover Qingdao Haiye, the terminal the U.S. says enabled large volumes of Iranian crude to reach China.
- U.S. officials say Haiye received tens of millions of barrels in 2025, including cargoes moved by ship-to-ship transfers near Singapore using a “shadow fleet” that switches off tracking and obscures cargo origin.
- The dueling steps increase legal, banking and shipping risks for traders and lenders and set a tense backdrop for President Trump’s planned mid-May talks with China, with data showing China bought over 80% of Iran’s 2025 oil exports.