US Tightens Sanctions on Iran’s Oil Network Amid Strait of Hormuz Crisis

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The United States has announced new sanctions targeting Iran’s oil industry as tensions escalate over the ongoing conflict and the reported closure of the Strait of Hormuz.

The U.S. Treasury Department said it has imposed restrictions on more than two dozen individuals, companies, and vessels linked to a shipping network run by oil trader Mohammad Hossein Shamkhani. The network is accused of using shipping and consulting firms across Iran and the United Arab Emirates to bypass sanctions and generate revenue for Iran.

U.S. Treasury Secretary Scott Bessent said the measures are part of an aggressive pressure campaign targeting Iranian elites who profit during the conflict.

The U.S. State Department said the move aims to limit Iran’s ability to fund its activities as it restricts shipping through the Strait of Hormuz, a key global route for oil and gas.

Washington also said it will not extend a temporary waiver that previously allowed some Iranian oil sales already in transit, a move that could further tighten global energy supplies.

In a separate action, the U.S. also sanctioned an Iranian individual accused of financing Hezbollah, along with companies linked to alleged money laundering schemes involving Iranian oil and Venezuelan gold.

Iran has not officially responded to the latest sanctions.