The United States has imposed new sanctions on eight large tankers and over 15 commercial entities involved in Iran’s military oil business. US Treasury Secretary Scott Bessent sent a clear message to Iran to halt revenue growth from oil that could bolster its military capabilities and armed forces. The conflict that began on February 28 has closed a crucial maritime route responsible for the transport of 20 percent of the world’s oil and gas.
May 29, Kathmandu – Amid ongoing preliminary agreements between the US and Iran to extend a ceasefire and reopen commercial vessel traffic through the Hormuz Strait, the United States announced new sanctions targeting Iran’s military oil trade. The US Treasury Department has sanctioned eight major tankers involved in transporting Iranian crude oil and petroleum products on the global market. Among the sanctioned vessels are the ‘Flora’ flying the Marshall Islands flag, the crude oil carrier ‘Huankayo’ registered under Comoros, and the ‘Il Gap’ flying the Panamanian flag.
In an official statement, US Treasury Secretary Scott Bessent emphasized that the Iranian government will not be permitted to increase revenue from oil sales that would strengthen its military power and armed forces. The recent conflict, initiated by the US and Israel against Iran on February 28, has effectively shut a vital maritime route that accounts for 20 percent of global oil and gas transit, significantly impacting international markets. President Donald Trump indicated that final approval of the ceasefire agreement is still pending.
In addition to the vessels, the US imposed sanctions on more than 15 commercial entities including Worth Sin Energy Limited in Hong Kong, Symphony Shipping and Maritime Management Inc in Dubai, and Mehdiyeb Trading Company also based in Hong Kong. According to the Treasury Department, many of these Iranian organizations are utilizing the Iranian military’s oil sales network to obtain petroleum products from foreign sources. For example, US investigations confirmed that Worth Sin Energy has been purchasing refined petroleum products from ‘Sepehr Energy Jahan’, the oil sales division of the Iranian armed forces, on behalf of the National Iranian Oil Company.
