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The United States has announced tighter sanctions on Iran’s oil industry as Tehran continues its closure of the Strait of Hormuz amid the ongoing Middle East conflict.
The sanctions target more than two dozen individuals, companies, and vessels.
“Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) intensified pressure on Iran’s illicit oil transportation infrastructure by sanctioning more than two dozen individuals, companies, and vessels operating within the network of Iranian oil shipping magnate Mohammad Hossein Shamkhani, the son of the late senior Iranian security official Ali Shamkhani,” the U.S. Department of the Treasury said in a press release.
“Treasury is moving aggressively with Economic Fury by targeting regime elites like the Shamkhani family that attempt to profit at the expense of the Iranian people,” said Treasury Secretary Scott Bessent. “Under President Trump’s leadership, Treasury will continue to cut off Iran’s illicit smuggling and terror proxy networks. Financial institutions should be on notice that Treasury will leverage all tools and authorities, including secondary sanctions, against those that continue to support Tehran’s terrorist activities.”
The move comes weeks after Washington issued a 30-day waiver on sanctions affecting Iranian oil shipments at sea. According to Bessent, the waiver allowed about 140 million barrels to reach global markets in a bid to ease pressure on energy supplies caused by the war, Reuters reported.
Bessent confirmed on Wednesday that the waiver, issued on March 20 and set to expire on April 19, will not be renewed, Reuters added.
The United States also warned it could sanction buyers of Iranian oil, saying it expects China to halt such purchases as Washington enforces a maritime blockade on Iran.
“We have told countries that if you are buying Iranian oil, and if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions,” Bessent told reporters at the White House.
Meanwhile, the U.S. State Department said Washington is taking decisive steps to limit Iran’s ability to generate revenue as it attempts to “hold the Strait of Hormuz hostage.”
