The U.S. on Monday imposed sanctions on dozens of people and oil tankers across China, the United Arab Emirates, India and other jurisdictions for allegedly helping to finance Iran and its support for militant groups that launch attacks against the U.

The new sanctions target oil brokers in the UAE and Hong Kong, and tanker operators in India and China. Read more at straitstimes.com.

Oil prices edged higher on Monday as fresh U.S. sanctions on Iran and a commitment to compensate for overproduction by Iraq added to concerns of near-term supply tightness, helping the market recover some of Friday's steep losses.

Described as a key move in US President Donald Trump's "maximum pressure campaign" against Iran's oil industry, his administration imposed new sanctions Monday on individuals, entities and tankers in mainland China,

The Trump administration announced new sanctions aimed at Iran‘s “shadow fleet” of oil tankers that it said are used to fund destabilizing activities around the world. The sanctions, imposed Monday by the Treasury Department’s Office of Foreign Assets Control and the State Department,

Treasury Secretary Scott Bessent stated, “Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities.” He warned that anyone involved in Iranian oil would face significant sanctions risk as the United States uses all available tools to disrupt Iran’s oil supply chain.