US hits Iranian oil network with fresh sanctions

The US Treasury Department announced new sanctions on Wednesday targeting Iranian oil smuggling and financing networks. The action blacklists more than two dozen individuals, companies, and vessels connected to the network, as well as an alleged financier involved in exchanging Iranian oil for Venezuelan gold to benefit Hezbollah and Iran’s Islamic Revolutionary Guard Corps (IRGC).

Economic Fury campaign continues

Treasury Secretary Scott Bessent stated: “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. 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 State Department said the action aims to decisively limit Iran’s ability to generate revenue as shipping through the Strait of Hormuz remains highly disrupted.

Hormuz disruptions and ceasefire talks

Shipping through the Strait of Hormuz has been severely disrupted since the US-Israeli war on Iran began on Feb. 28, followed by a US naval blockade announced Monday. Weekend talks between Washington and Tehran failed to yield a deal. About 20% of global oil supply passes through the strait daily, driving up oil prices and shipping costs. Negotiations to extend a two-week ceasefire, set to expire on April 22, continue.