The US Treasury said on Thursday it has imposed new sanctions on Iran's military oil trade, even as Washington and Tehran reached a tentative agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz.
The Treasury Department said it had sanctioned eight vessels involved in transporting Iranian crude oil and petroleum products to global markets. The vessels included the Marshall Islands-flagged oil tanker Flora, the Comoros-flagged crude oil tanker Hauncayo, and the Panama-flagged tanker Ill Gap.
"We will not allow the Iranian government to increase its oil revenue for the purpose of reconstituting its armed forces and military capabilities," Treasury Secretary Scott Bessent said in a release.
The new sanctions come following Bessent's previous Thursday announcement that the US will attempt to shut down Iranian airlines' access to landing spots, refueling, and ticket sales as a part of the American economic campaign against the Islamic Regime in Iran.
In a post on X/Twitter, Bessent asserted that “the Iranian economy and currency are in free fall,” as the US continues enforcing its blockade on Iranian ports along the Strait of Hormuz.
“Only a satisfactory outcome in negotiations will end the downward spiral,” he said.
Bessent also referred to Iran’s Persian Gulf Strait Authority (PSGA) as a “joke,” elaborating on counterterrorism sanctions recently launched against the authority, which was established to facilitate the movement of vessels through the Strait of Hormuz.
“We have warned any corporate or state entities against paying tolls or hiding them as aid payments,” he continued.
Bessent warns Oman against interfering in Strait of Hormuz
Shortly afterward, Bessent released another statement on X/Twitter, further clarifying that the US “ will not tolerate any effort to impose a tolling system in the Strait of Hormuz.”
He warned that America will “aggressively target” any entities directly or indirectly involved in facilitating tolls, specifying that Oman should keep the threat in mind.
Trump yet to approve deal
US President Donald Trump has yet to approve the deal in the war that the US and Israel launched on February 28. The conflict has roiled global markets by closing the vital strait off Iran and Oman, through which 20% of the world's oil and gas normally flowed.
The US also imposed sanctions on more than 15 entities, including Worth Seen Energy Limited in Hong Kong, Symphony Shipping and Maritime Management Inc in Dubai, and Mehdiyev Trading Co, also in Hong Kong.
On Wednesday, Trump threatened to blow Oman up if they interfere in the Strait.
"Oman will behave like everybody else, or we’ll have to blow them up," Trump said during a cabinet meeting.