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US Targets Chinese, UAE Firms in New Iran Oil Sanctions

Oil Updates — Crude slides; US targets Chinese; UAE firms in new Iran oil sanctions

RIYADH: Oil slipped on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as OPEC+ producers meet this week to decide whether to increase supply. Brent crude was down $1.40, or 1.4 percent, to $98.63 a barrel by 0817 GMT, while US West Texas Intermediate crude fell $1.00, or 1.1 percent, to $92.89. The slide

U S targets Chinese, UAE firms in new Iran oil sanctions

By Daphne Psaledakis and Arshad Mohammed WASHINGTON (Reuters) -The United States on Monday imposed sanctions on Chinese and other firms it said helped to sell tens of millions of dollars in Iranian oil and petrochemical products to East Asia as it seeks to raise pressure on Tehran to curb its nuclear programme. The U.S. Treasury and the U.S. State Departments imposed sanctions on a total of six companies, four based in Hong Kong, one in Singapore, and one in the United Arab Emirates (UAE) in actions that were announced in separate statements. The Treasury accused Persian Gulf Petrochemical Industry Commercial Co. (PGPICC), one of Iran s largest petrochemical brokers, of using the firms to facilitate the sale of Iranian petroleum and petrochemical products to East Asia. The Treasury targeted UAE-based Blue Cactus Heavy Equipment and Machinery Spare Parts Trading L.L.C., which it said helped sell millions of dollars of Iranian-origin petroleum products to Hong Kong-based Triliance Petro

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