The Trump administration announced sanctions targeting a major China-based oil refinery and nearly 40 shipping companies. This move is part of a broader effort by the US to cut off Iran's oil revenue.

The Trump administration is placing economic sanctions on a major China-based oil refinery and roughly 40 shipping companies and tankers involved in transporting Iranian oil. The move, announced on Friday, makes good on the Trump administration’s threat to impose secondary sanctions on companies and countries that do business with Iran. It is also part of the Republican administration’s overall ramped-up campaign to cut off Iran’s key source of revenue – its oil exports. Concurrently, the US...