China's retaliatory tariffs on the United States may cause U.S. oil exports to decline in 2025 for the first time since the COVID-19 pandemic, after growth plateaued last year. Exports of U.S. crude have surged more than 10 times since it lifted a 40-year federal ban on the export of domestic oil in 2015.

The U.S. on Thursday imposed sanctions on a network of more than a dozen people and firms that are accused of facilitating the shipment of millions of barrels of Iranian oil to China

The US Treasury Department has imposed sanctions against the IRGC's international network for smuggling Iranian oil to China. This applies to companies in China, India, and the UAE, according to the US Treasury Department.

The U.S. Treasury said on Thursday it is imposing new sanctions on individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China. The move comes after U.S. President Donald Trump earlier this week vowed to bring Iran's oil exports to zero as the U.