U.S. Hits Iran's Oil Network with New Sanctions

(MENAFN) The United States tightened its economic grip on Iran Wednesday, imposing sweeping new sanctions on a sprawling oil smuggling and financing network as shipping through the Strait of Hormuz remains severely disrupted — threatening roughly 20% of the world's daily oil supply.

The Treasury Department confirmed it targeted more than two dozen individuals, companies, and vessels tied to the network, alongside an alleged financier accused of exchanging Iranian oil for Venezuelan gold to bankroll Hezbollah and Iran's Islamic Revolutionary Guard Corps (IRGC).

Treasury Secretary Scott Bessent signaled Washington's intent to escalate financial pressure without restraint.

"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," Bessent said.

"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," he added.

The State Department, in a parallel statement, framed the sanctions as part of a broader effort to "decisively limit Iran's ability to generate revenue" amid the ongoing crisis in one of the world's most critical maritime chokepoints.

The action comes as Washington and Tehran negotiate an extension of a fragile two-week ceasefire — announced last week and set to expire April 22 — following the breakdown of weekend talks and a US naval blockade declared Monday. The conflict, which erupted February 28, has sent oil prices surging alongside spiking shipping and insurance costs worldwide.

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