Oil Price Hits $120 as China Blocks US Sanctions on Five Refineries
BeInCrypto
China invoked its 2021 anti-sanctions law to shield five refineries from U.S. penalties, causing oil prices to briefly spike past $120 per barrel.Summary
China’s Ministry of Commerce has formally invoked its 2021 anti-sanctions blocking rules for the first time, ordering domestic firms to ignore U.S. sanctions targeting five Chinese "teapot" refineries involved in Iranian oil trade. While the move caused Brent crude to briefly exceed $120 per barrel, it highlights growing de-dollarization efforts and escalates geopolitical tensions ahead of a potential high-level summit. Despite the injunction, the affected refineries remain vulnerable to risks associated with dollar-denominated international banking transactions.
(Source：BeInCrypto)