US imposes fresh sanctions on Iranian oil network

The United States imposed new sanctions targeting Iranian oil smuggling and financing networks, the Treasury Department said in a statement on Wednesday.

The Treasury Department said it sanctioned 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).

The State Department said in a separate statement that the action aims to “decisively limit Iran’s ability to generate revenue” as shipping through the Strait of Hormuz remains highly disrupted.

“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,” Treasury Secretary Scott Bessent said in a statement.

“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.

Shipping through the Strait of Hormuz remains severely disrupted amid the US-Israeli war against Iran since Feb. 28 and a US naval blockade announced Monday, after Washington said weekend talks failed to yield a deal.

The US and Iran have been holding negotiations to extend a two-week ceasefire announced last week, which is set to expire on April 22.

About 20% of global oil supply passes through the strait daily, and heightened insecurity has driven up oil prices as well as shipping and insurance costs.