US imposes sanctions on a China-based oil refinery and 40 shippers over Iranian oil

The Trump administration imposed sanctions on a major China-based oil refinery and 40 shipping companies involved in transporting Iranian oil, targeting Hengli Petrochemical's Dalian facility, which processes 400,000 barrels daily and has generated revenue for Iran's military. The move aims to cut off Iran's oil exports and was announced ahead of President Trump's meeting with China's Xi Jinping.