Federal officials have sanctioned a Chinese oil refinery, as well as an oil storage facility and their owners to cut off Iranian revenues from illicit oil sales that violate international sanctions.

The U.S. on Thursday issued new Iran-related sanctions, targeting entities including for the first time a Chinese "teapot," or independent refinery, and vessels that supplied crude oil to such processing plants.

The state department said it had put sanctions on Huaying Huizhou Daya Bay Petrochemical Terminal Storage for violating American sanctions by buying and storing Iranian crude oil shipped to China on a ship already under sanctions.

Tariffs, tax credits and deregulation are among the industry’s top priorities. Oil and gas executives will meet with President Trump at the White House on Wednesday as they seek to influence him on tariffs, tax credits and deregulation.

U.S. President Donald Trumphosted top oil executives at the White House on Wednesday as he charted plans to boost domestic energy production in the midst of falling crude prices and looming trade wars.

It will be part "victory lap" for Trump's early support of the industry, according to one source familiar with the planning of the closed-door event.

Oil futures posted a gain on Wednesday, giving up early losses after official U.S. data revealed weekly declines in petroleum-product stockpiles along with a third consecutive weekly rise in commercial crude inventories.