The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on 12 individuals and entities for facilitating the Islamic Revolutionary Guard Corps' (IRGC) oil sales and shipments from Iran to China (OFAC press release, 11/05/2026).
These measures target three individuals and nine companies, among which four are located in Hong Kong and four in the United Arab Emirates, for supporting Iran's oil deliveries to China. The ninth company operates from Oman (Reuters, 11/05/2026). The sanctions seek to intensify pressure on Iran during the Middle East War and the Strait of Hormuz closure, which have triggered a global energy crisis.
Meanwhile, the US Department of Energy (DOE) has revealed contract awards for exchanging around 53.3 mbl of crude oil from the Strategic Petroleum Reserve (US DOE press release, 11/05/2026). The US government will lend these barrels to energy firms, including Trafigura Trading (13 mbl), Marathon Petroleum Company (12.4 mbl), or ExxonMobil (11.4 mbl), to counter disruptions in oil markets. Companies will repay in crude, with an average 28% return premium, representing 15.1 mbl.
“The announcement marks the next phase of DOE's execution of the United States' 172-million-barrel contribution to the International Energy Agency's collective action to stabilize global oil supplies””, said the press release.