New US Sanctions Aim To Sever Iran’s Oil Revenue
The United States imposed a fresh round of sanctions on Monday targeting Iran’s oil industry. The Treasury Department announced that more than 30 brokers, tanker operators, and shipping companies have been hit for their roles in selling and transporting Iranian petroleum. The move is part of President Donald Trump’s renewed “maximum pressure” campaign aimed at reducing Iranian crude exports to zero, a policy intended to cut off funding for Iran’s nuclear and missile programs.
Treasury Secretary Scott Bessent stated, “Iran continues to rely on a shadowy network of vessels, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities.” He warned that anyone involved in Iranian oil would face significant sanctions risk as the United States uses all available tools to disrupt Iran’s oil supply chain.
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The new measures specifically target oil brokers based in the United Arab Emirates and Hong Kong, tanker operators and managers in India and China, the head of Iran’s National Iranian Oil Company, and the Iranian Oil Terminals Company. The latter oversees operations at critical sites such as the Kharg Island Oil Terminal, which handles most of Iran’s oil exports, and the South Pars Condensate Terminal, responsible for all of Iran’s gas condensate exports.
Earlier this month, Trump restored his maximum pressure campaign—a policy that, during his first term, nearly brought Iranian oil exports to zero. However, despite previous rounds of sanctions, Tehran’s oil exports have remained robust, generating nearly $53 billion in 2023 and maintaining output at the highest level since 2018, according to OPEC data. Analysts note that while the Biden administration’s policies allowed exports to rebound, China continues to purchase significant quantities of Iranian oil by using a trading system that bypasses U.S. regulations through the Chinese yuan.
The sanctions are part of a broader strategy that builds on measures imposed by both the Trump and Biden administrations, aimed at severing the financial lifelines that support Iran’s nuclear and missile ambitions.
