US expands sanctions on Iran’s oil sector, freezes $130M in digital assets

The United States on Tuesday expanded sanctions targeting Iran’s oil sector, taking further aim at the network of petroleum shipping magnate Mohammad Hossein Shamkhani, the Treasury Department said.

Treasury Secretary Scott Bessent said the department had also frozen more than $130 million held in digital wallets linked to Iran’s central bank, targeting a financial channel that has grown in importance since the outbreak of the war.

The move came as US forces carried out a fourth consecutive day of strikes against Iran and maintained a naval blockade, while Tehran continued attacks on shipping in the Strait of Hormuz, according to the International Maritime Organization.

Iran began disrupting shipping through the strategic waterway after US-Israeli attacks in February. Washington had earlier imposed a naval blockade on Iranian ports from mid-April to mid-June.

“This action is part of Treasury’s ongoing efforts to ramp up economic pressure on the Iranian regime after it resumed destabilising attacks in the Strait of Hormuz,” the Treasury Department said in a statement.

Sanctions target oil network

It said the Shamkhani network remains a key driver of Iran’s oil exports and has expanded into global commodities trading.

The latest sanctions target more than 50 individuals, entities and vessels that Washington says helped Iran generate oil revenue.

The Treasury Department said it has now sanctioned more than 200 individuals, entities and vessels linked to Shamkhani’s network.