The US has announced more stringent penalties on Iran’s oil industry as tensions rise over Tehran’s ongoing blockage of Hormuz.
The US Department of the Treasury announced sanctions targeting over dozen of people, businesses, and ships linked to a maritime network associated with Mohammad Hossein Shamkhani.
Additionally, the US Treasury Secretary Scott Bessent said the action forms part of a campaign of increased financial pressure.
He said, “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.”
The US State Department said the sanctions aim to restrict Iran’s ability to generate revenue while it continues to interfere with international energy flows.
The department also added, “The United States is acting to decisively limit Iran’s ability to generate revenue as it attempts to hold the Strait of Hormuz hostage,”
Iran has virtually closed the vital canal—a key global route for transporting oil and gas—in response to the escalating crisis, prompting Washington to impose a naval embargo on Iranian ports.
US authorities allege that the network linked to Mohammad Hossein Shamkhani uses front companies to evade sanctions.
US also claims that the network facilitates oil transfers across Iran and the United Arab Emirates.
Meanwhile, the latest sanctions however comes amid rising geopolitical tensions and concerns over global energy supply disruptions linked to the conflict in the Middle East.
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