The U.S. Treasury's Office of Foreign Assets Control (OFAC) has sanctioned a Chinese independent oil refinery, known as a 'teapot' refinery, for purchasing Iranian crude oil. The action also targets roughly 40 shipping companies and vessels that form part of Iran's shadow fleet, the network of tankers used to move sanctioned Iranian oil outside formal financial channels. Teapot refineries are small, privately owned Chinese plants that sit outside the major state-owned refining system and have been key buyers of discounted Iranian crude. By sanctioning both the refinery and the shipping network, the U.S. aims to squeeze the full supply chain that keeps Iranian oil revenues flowing. Teapot refineries could face being cut off from U.S. financial systems and dollar-denominated transactions. Watch for how China responds and whether other independent refiners pull back from Iranian crude to avoid exposure.
Venezuela's earthquake death toll has reached 1,430 with the US Geological Survey warning fatalities could top 10,000, placing it among Latin America's deadliest in a century. US military planes are landing in Caracas, Washington is mobilising $150 million in aid, and rescue teams from 17 countries are on the ground.
Iranian armed forces attacked a cargo ship in the Strait of Hormuz on Thursday, briefly halting traffic through the waterway. The strike threatens a fragile US-Iran arrangement and could push shipping insurance costs and oil prices higher.
The US has struck Iran, with President Trump citing an Iranian attack on a ship in the Strait of Hormuz as justification. The action raises immediate risks for global oil flows through one of the world's most critical shipping chokepoints.
The US struck ten Iranian targets on the second consecutive day of military action, putting a fragile ceasefire under serious pressure. The escalation raises immediate risks for Gulf shipping, global oil supply, and regional stability.
