By Chen Aizhu, Siyi Liu and Trixie Yap

SINGAPORE/BEIJING (Reuters) -Shandong Port Group issued a notice on Monday banning U.S.-sanctioned oil vessels from calling into its ports on China’s east coast, three traders said.

The move comes weeks after Washington imposed further sanctions on companies and ships that deal with Iranian oil and could slow shipments to China, the world’s largest oil importing nation, traders said.

It is also expected to drive up shipping costs for independent refiners in Shandong, the main buyers of discounted sanctioned crude from Iran, Russia and Venezuela, they added.

U.S. President-elect Donald Trump, who will be inaugurated on Jan. 20, is expected to further ramp up sanctions on Iran and its oil exports to curb its nuclear programme.

The notice, obtained from two of the traders and confirmed by a third, forbids ports to dock, unload or provide ship services to vessels on the Office of Foreign Assets Control list managed by the U.S. Department of the Treasury.

Shandong Port oversees major ports on China’s east coast including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil. The province imported about 1.74 million barrels per day of oil from Iran, Russia and Venezuela last year, shiptracking data from Kpler showed.

Shandong Port did not respond to calls or an email from Reuters requesting comment.

In a second notice on Tuesday, also reviewed by Reuters, Shandong Port said it expects the shipping ban to have a limited impact on independent refiners as most of the sanctioned oil is being carried on non-sanctioned tankers.

The ban came after sanctioned tanker Eliza II unloaded at Yantai Port in early January, the notice said.

In December, eight very large crude carriers, with a capacity of two million barrels each, discharged mostly Iranian oil at Shandong, estimates from tanker tracker Vortexa showed.

The vessels included Phonix, Vigor, Quinn and Divine, which are all sanctioned by the U.S. Treasury.

A switch to using non-sanctioned ships could inflate costs for refiners in Shandong, which have been struggling with poor margins and sluggish demand, traders said.

The price of Iranian crude sold to China hit the highest in years last month as fresh U.S. sanctions tightened shipping capacity and drove up logistics costs.

Prices of Russian oil, which rose to about a two-year high, could remain supported as the Biden administration plans to impose more sanctions on Moscow over its war on Ukraine.

By Arunima Kumar

(Reuters) – Oil prices climbed on Tuesday reversing earlier declines, as fears of tighter Russian and Iranian supply due to escalating Western sanctions lent support.

futures were up 61 cents, or 0.80%, to $76.91 a barrel at 1119 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 46 cents, or 0.63%, to $74.02.

It seems market participants have started to price in some small supply disruption risks on Iranian crude exports to China, said UBS analyst Giovanni Staunovo.

Worries over supply tightness amid sanctions, has translated into better demand for Middle Eastern oil, reflected in a hike in Saudi Arabia’s February oil prices to Asia, the first such increase in three months.

Also in China, Shandong Port Group issued a notice on Monday banning U.S. sanctioned oil vessels from its network of ports, according to three traders, potentially restricting blacklisted vessels from major energy terminals on China’s east coast.

Shandong Port Group oversees major ports on China’s east coast, including Qingdao, Rizhao and Yantai, which are major terminals for importing sanctioned oil.

Meanwhile, cold weather in the U.S. and Europe has boosted demand, providing further support for prices.

However, oil price gains were capped by global economic data.

Euro zone inflation accelerated in December, an unwelcome but anticipated blip that is unlikely to derail further interest rate cuts from the European Central Bank.

“Higher inflation in Germany raised suggestions that the ECB may not be able to cut rates as fast as hoped across the Eurozone, while U.S. manufactured good orders fell in November,” Ashley Kelty, an analyst at Panmure Liberum said.

Technical indicators for oil futures are now in overbought territory, and sellers are keen to step in once again to take advantage of the strength, tempering additional price advances, said Harry Tchilinguirian, head of research at Onyx Capital Group.

Market participants are waiting for more data this week, such as the U.S. December non-farm payrolls report on Friday, for clues on U.S. interest rate policy and the oil demand outlook.

Investing.com — Goldman Sachs has delayed its gold price target of $3,000 per ounce, pushing the forecast to mid-2026 instead of the previous expectation for December 2025. 

The revision comes as Goldman’s economists now foresee fewer Federal Reserve rate cuts in 2025, with a smaller anticipated reduction of 75 basis points, compared to the 100 basis points expected previously. 

The change is expected to slow the pace of ETF gold buying, leading to a delayed rise in gold prices.

In a research note on Monday, Goldman Sachs stated, “We now forecast that gold will rise about 14% to $3,000/toz by 2026Q2 (vs. Dec25 previously) and now expect it to reach $2,910/toz by end-2025.” 

While central bank demand for gold remains a key driver of the bullish forecast, contributing a projected 12% increase by 2026Q2, weaker-than-expected ETF flows following the resolution of the U.S. elections have dampened price expectations, according to the investment bank.

Speculative demand, which surged ahead of the U.S. election, has since moderated, keeping prices range-bound.

Goldman Sachs maintains that structural factors, particularly “structurally higher central bank demand,” will provide support for gold prices, even as ETF demand grows at a slower pace. 

Central bank purchases, particularly following the freeze of Russian assets, have surged, and Goldman expects this trend to continue, with monthly purchases averaging 38 tonnes through mid-2026, more than double the pre-freeze level.

Despite this positive outlook, the analysts cautioned that the risks to their forecast remain balanced. 

They explained that a “higher for longer” federal funds rate represents the main downside risk, while a potential U.S. recession or “insurance cuts” could drive prices above the $3,000 mark.