The United States has imposed a fresh round of sanctions on Iran’s oil sector, targeting more than 30 brokers, tanker operators, and shipping companies involved in transporting Iranian petroleum, the U.S. Treasury Department announced Monday, reports Reuters.
Crackdown on Iran’s Oil Trade
The new measures build on previous sanctions and align with U.S. President Donald Trump’s renewed push to reduce Iran’s crude exports to zero. The administration aims to choke off a vital revenue stream that Tehran allegedly uses to fund its nuclear and missile programs.
“Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities,” said Treasury Secretary Scott Bessent. He warned that “anyone who deals in Iranian oil exposes themselves to significant sanctions risk.”
The latest sanctions target:
- Oil brokers in the UAE and Hong Kong
- Tanker operators and managers in India and China
- The head of Iran’s National Iranian Oil Company
- Iranian Oil Terminals Company, which oversees key oil terminals, including Kharg Island and South Pars Condensate Terminal
Reviving the “Maximum Pressure” Strategy
Earlier this month, Trump reinstated his “maximum pressure” campaign, which previously pushed Iran’s oil exports to near-zero during his first term. However, exports rebounded under President Joe Biden, with Tehran earning $53 billion in 2023 and a similar amount in 2022, according to U.S. Energy Information Administration estimates.
Iran’s oil output in 2024 has been at its highest level since 2018, based on OPEC data. It remains uncertain whether Trump’s renewed measures will significantly curb these exports.
China’s Role and Evasion Tactics
China, the largest buyer of Iranian oil, does not recognize U.S. sanctions and continues to purchase crude through a network that avoids U.S. regulators. The system relies heavily on Chinese yuan transactions and middlemen, limiting exposure to the U.S. financial system.
With Iran’s exports proving resilient in the past, the effectiveness of these new sanctions remains a key question for global energy markets.
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Source: Reuters
