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Treasury Sanctions Chinese Firms Over Iran Drones as Strait Shut

5/10/2026

Summary

Story summary

The Treasury announced sanctions on Chinese-Hong Kong firms tied to Iran's drone program before President Donald Trump's China visit.
The sanctions hit ten individuals and companies that helped Iran's military acquire weapons and drone materials and impose secondary sanctions on banks linked to China's “teapot” oil refineries.
Iran closed the Strait of Hormuz after U.S. and Israeli strikes, halting one-fifth of global oil and gas shipments and raising prices.

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Story summary

The Treasury announced sanctions on Chinese-Hong Kong firms tied to Iran's drone program before President Donald Trump's China visit.
The sanctions hit ten individuals and companies that helped Iran's military acquire weapons and drone materials and impose secondary sanctions on banks linked to China's “teapot” oil refineries.
Iran closed the Strait of Hormuz after U.S. and Israeli strikes, halting one-fifth of global oil and gas shipments and raising prices.