United States on Thursday imposed fresh sanctions targeting Iran's military-linked oil trade network, despite reports suggested that Washington and Tehran have reached a tentative agreement to extend their ceasefire and ease restrictions on shipping through the Strait of Hormuz.
The US Treasury Department said it has sanctioned eight vessels involved in transporting Iranian crude oil and petroleum products to global markets. The vessels include the Marshall Islands-flagged tanker Flora, the Comoros-flagged crude carrier Hauncayo and the Panama-flagged tanker Ill Gap, among others, Reuters reported.
US Treasury Secretary Scott Bessent said the action is aimed at blocking revenue flows that Iran uses to fund its military and security apparatus.
"We will not allow the Iranian government to increase its oil revenue for the purpose of reconstituting its armed forces and military capabilities," Bessent said in a statement.
The US State Department described the move as part of Washington's broader 'Economic Fury' campaign against Tehran, targeting what officials called Iran's 'shadow oil economy' and its network of illicit crude shipments.
US Department of State spokesperson Tommy Pigott said the latest sanctions were intended to intensify pressure on Iran's so-called "dark fleet" and oil smuggling operations.
"The US is targeting the Iranian regime's dark fleet and illicit oil networks under Economic Fury. Today's sanctions cut off billions in revenue that funds the IRGC, proxy forces, and attacks on our partners. Any entity trading Iranian oil faces serious risk of US sanctions," Pigott wrote in a post on X."
According to the Treasury, the sanctioned fleet forms part of a wider network used to move Iranian-origin crude and petrochemical products through so-called 'dark fleet' shipping channels that frequently use deceptive practices, including turning off transponders during transit.
The sanctions also extend to more than 15 entities across Hong Kong, Dubai, Singapore and other jurisdictions, including vessel management firms accused of facilitating Iranian oil exports. Several of these firms are alleged to have helped transport tens of millions of barrels of Iranian crude and petrochemical products through complex shipping arrangements.
Responding to sanctions, Tehran said that it will not weaken the country and warned that the attacks on American bases will continue until the conditions are accepted, according to state-media.
The latest measures come amid heightened geopolitical tensions over the Strait of Hormuz, a critical global energy chokepoint through which nearly a fifth of the world's oil and liquefied natural gas passes.
US threatens Oman with sanctions over proposed Hormuz toll system
US has also warned that it could impose sanctions on Oman if it supports or facilitates any attempt to introduce a toll system in the Strait of Hormuz, sharply escalating tensions over control of the strategic waterway.
US officials said Washington would 'aggressively target' any actors involved, directly or indirectly, in imposing fees on commercial shipping passing through the strait. The warning also extends to any partners seen as cooperating with such a system.
US Treasury Secretary Scott Bessent said the administration would not tolerate any disruption to freedom of navigation in the region.
"Oman, in particular, should know that the US Treasury will aggressively target any actors involved — directly or indirectly — in facilitating tolls for the Strait and any willing partners will be penalized. All nations should reject outright any efforts by Iran to disrupt the free flow of commerce. Tehran’s days of terrorizing the region and the world are over," he said in a social media post.
The statement came after Trump threatened to bomb Oman, a key US ally known for its neutrality and mediation efforts in regional crises, including the war between the US and Iran.
"Oman will behave just like everybody else or we'll have to blow 'em up," he said.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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