US targets Iran with fresh sanctions over Hormuz 'extortion scheme'
&imwidth=600&imheight=450&format=webp&quality=medium "US targets Iran with fresh sanctions over Hormuz 'extortion scheme'")
This aerial photograph shows boats anchored off Oman’s northern Musandam Peninsula near the Strait of Hormuz on June 27, 2026. Photograph: (AFP)
President Donald Trump threatened Iran with a forceful response after a missile attack on US bases in Jordan, as Washington imposed fresh sanctions over a Hormuz "extortion scheme."
The United States on Wednesday (July 29) imposed fresh sanctions on entities linked to Iran's Revolutionary Guards, accusing them of extorting commercial vessels passing through the Strait of Hormuz.
The US Treasury Department said the measures target eight tankers and 10 entities. The sanctions form part of Washington's ongoing "maximum pressure" campaign against Iran's oil trade and shadow fleet.
According to the statement, the latest action targets what it described as "the Iranian regime’s desperate efforts to monetise the Strait of Hormuz and prop up the nation’s failing economy."
The US accused Tehran of running an "extortion scheme" backed by Iran's Revolutionary Guard forces commercial ships to buy mandatory maritime "insurance" before transiting the strategic waterway.
"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 said.
The sanctions target the Persian Gulf Marine Insurance Company and the HormuzSafe Marine Services Authority, which Washington said have links to Iran's Islamic Revolutionary Guard Corps.
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The US also sanctioned eight companies operating vessels that it accused of transporting Iranian crude oil and petrochemicals to China and the United Arab Emirates in violation of existing US sanctions.
These ships are "part of Iran's 'shadow fleet,' which the regime relies on to evade sanctions," the State Department said.
"With its economy in freefall and inflation in the triple digits, the regime is desperate for cash," Treasury Secretary Scott Bessent was quoted as saying.
The sanctions come amid renewed tensions over the Strait of Hormuz, a crucial route for global energy trade. After hostilities with Washington resumed on July 7, Iran again blocked the waterway and claimed the right to impose transit fees on ships. It also allowed vessels to pass only along a route close to its coastline. The United States, meanwhile, has imposed a blockade on Iranian ports.
The latest US action also comes after President Donald Trump warned that the United States would strike Iran "hard" following a missile attack on US bases in Jordan. The development has reignited the Middle East conflict after a pause lasting several days.
Since the start of 2026, the US Office of Foreign Assets Control has sanctioned more than 100 vessels linked to Iran's shadow fleet, which Washington says has been used to keep Iranian oil revenue flowing despite international sanctions.
