US targets Iran with fresh sanctions over Strait of Hormuz 'extortion scheme'

Washington, DC [US], July 30 (ANI): The United States on Wednesday slammed fresh sanctions on entities connected with Iran's Revolutionary Guards, accusing them of shaking down commercial vessels operating through the Strait of Hormuz.
The US Treasury Department stated that the punitive action hits eight oil tankers and 10 corporate entities. These sanctions represent the latest move in Washington's relentless "maximum pressure" drive aimed at crippling Iran's illicit petroleum trade and covert shadow fleet.
An official statement noted that the action zeroed in on "the Iranian regime's desperate efforts to monetise the Strait of Hormuz and prop up the nation's failing economy".
US authorities charged Tehran with deploying an "extortion scheme" backed by Revolutionary Guard forces, forcing merchant shipping to procure mandatory maritime "insurance" policies prior to navigating through the vital maritime passageway.
"These entities manufacture risk, including the threat of vessel seizures, and then charge commercial vessels for coverage against dangers created by the regime itself," a State Department statement asserted.
The punitive measures specifically target the Persian Gulf Marine Insurance Company alongside the HormuzSafe Marine Services Authority, both of which Washington claims maintain direct links to Iran's Islamic Revolutionary Guard Corps.
Furthermore, the United States slapped sanctions on eight shipping firms for managing tankers allegedly caught moving Iranian crude oil and petrochemical products to China and the United Arab Emirates, in breach of existing American economic restrictions.
The State Department underlined that these vessels are "part of Iran's 'shadow fleet', which the regime relies on to evade sanctions."
Commenting on the measures, Treasury Secretary Scott Bessent emphasised, "With its economy in freefall and inflation in the triple digits, the regime is desperate for cash."
These latest curbs follow escalating tensions across the Strait of Hormuz, a critical artery for global energy transport. Following a resurgence of hostilities with Washington on July 7, Tehran reinstated a blockade along the waterway, asserting a right to collect transit levies from merchant vessels while restricting shipping corridors exclusively to waters adjacent to its coastline. Conversely, the United States has maintained a naval blockade on Iranian ports.
The sanctions follow stern warnings from President Donald Trump, who vowed that the United States would hit Iran "hard" after a missile strike targeted US military facilities in Jordan, rekindling conflict in the Middle East following a brief lull.
Since the beginning of 2026, the US Office of Foreign Assets Control has blacklisted over 100 vessels tied to Iran's shadow fleet, which Washington maintains is being manipulated to keep oil revenues flowing despite international trade bans. (ANI)