On Friday, the Trump administration intensified its “Economic Fury” campaign against Tehran, targeting one of China's largest independent oil refineries and introducing new sanctions on ships and shipping companies accu...
On Friday, the Trump administration intensified its “Economic Fury” campaign against Tehran, targeting one of China's largest independent oil refineries and introducing new sanctions on ships and shipping companies accused of transporting Iranian oil via a secret network.
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Hengli Petrochemical (Dalian) Refinery Co., which is recognized as China’s second-largest “teapot” refinery and a major buyer of Iranian crude oil. They also blacklisted 19 vessels and 18 shipping-related entities associated with Iran’s oil trade.
This latest action expands the campaign beyond just targeting ships and intermediaries involved in moving Iranian crude. The focus is now on major overseas buyers contributing to Iran's oil demand. Previously, OFAC had sanctioned four Chinese “teapot” refiners, but the move against Hengli indicates a tougher strategy from the U.S.
Treasury Secretary Scott Bessent stated, “Treasury will continue to constrict the network of vessels, intermediaries, and buyers Iran relies on to move its oil to global markets.”
The new sanctions suggest that the U.S. is not only tightening its grip on transport routes but also on the commercial companies that support Iranian exports.
Earlier sanctions centered mainly on tankers, ship managers, traders, and facilitators linked to Iran's shadow fleet. The recent action targets larger players, including a key refinery buyer that the Treasury claims has imported billions of dollars’ worth of Iranian crude and petroleum products.
According to the Treasury, Hengli has received shipments from several sanctioned tankers and sourced oil connected to Sepehr Energy, which U.S. officials describe as associated with Iran’s military leadership.
In addition to Hengli, OFAC has designated 19 tankers accused of transporting billions of dollars’ worth of Iranian crude oil, liquefied petroleum gas (LPG), and petrochemical cargoes to destinations including China, the UAE, and Bangladesh.
Among the targeted vessels are the tankers SEEKER 8, COVENIO, GOLDEN SUNRISE, ZHEN ZHU, and MAGNOLIA, which Treasury claims are part of the network that sustains “the lifeblood” of Iran's economy.
The sanctions also affected shipping companies from various regions, including Hong Kong, the Marshall Islands, Panama, and the UAE, highlighting the international ownership and flagging often associated with shadow fleet activities.
These measures were implemented under Executive Order 13902, aimed at Iran’s petroleum and petrochemical sectors.
The new sanctions come as the U.S. increases its pressure at sea, blending financial restrictions with physical interventions against Iranian-linked trade.
While Treasury targets the buyers and shipping networks fueling Iranian exports, U.S. naval forces have also ramped up enforcement actions like vessel interdictions, turn-backs, and high-profile seizures, which play a significant role in ongoing negotiations.
Since February 2025, the Treasury has sanctioned over 1,000 individuals, vessels, and aircraft related to Iran as part of this broader campaign.
Shipping markets now face the challenge of whether the U.S. blockade and sanctions can significantly disrupt Iranian oil flows or just push them further into the hidden networks that have so far kept Iranian barrels moving.