US imposes fresh Iran sanctions, targets more tankers and entities

WEB DESK: The United States on Wednesday announced a new round of Iran-related sanctions, targeting 10 entities and eight additional tankers over what Washington described as Tehran’s efforts to generate revenue from shipping activities in the Strait of Hormuz.

The US Treasury Department said six of the sanctioned entities were based in China.

The latest measures came after President Donald Trump vowed to impose further pressure on Iran following reports that the US military intercepted multiple ballistic missiles launched by Tehran towards American forces in the Middle East. The US and Saudi Arabia also carried out joint strikes against Iran-backed groups in Iraq on Wednesday.

The Treasury Department’s Office of Foreign Assets Control (OFAC) designated two firms, Persian Gulf Marine Insurance Co and HormuzSafe Marine Services Authority, accusing them of playing a key role in an Iranian scheme to collect digital assets and other income from ships passing through the Strait of Hormuz through insurance arrangements.

“With its economy in freefall and inflation in the triple digits, the regime is desperate for cash,” said Secretary of the Treasury Scott Bessent.

“The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression,” Bessent said, referring to the Islamic Revolutionary Guard Corps.

The new sanctions are part of a broader push by the Trump administration to leverage both economic tools and military strikes to intensify pressure on Iran and end a deeply unpopular war that has dragged Trump’s approval ratings lower.

“The Iran war demonstrates that this administration will use US economic and military power in concert,” said Jess Hoversen, a former OFAC official who is now chief economist at Column, a digital platform bank.

OFAC has moved quickly to designate maritime logistics, currency exchange infrastructure, and procurement networks, even as the US military has increased its strikes, she said.

“Treasury is moving at an operational tempo, and combining military strikes with targeted sanctions could be a template for future conflicts,” Hoversen said.

Since the start of 2026, OFAC has sanctioned over 100 vessels linked to Iran’s shadow fleet, which has been used to keep oil revenue flowing despite international sanctions.