The United States sanctions Iranian oil network and digital assets after the US-Iran ceasefire agreement breaks down

Source: Global Markets Report

After another attack in the Strait of Hormuz, negotiations between the US and Iran broke down. The US has intensified economic sanctions against Iran and reinstated a military blockade on the country.

The US Treasury Department announced on Tuesday new sanctions against Hossein Shamkhani’s shipping network. Shamkhani is the head of a secretive Iranian business empire, which the US alleges handles strategically significant oil and weapons transactions for Tehran and Moscow. The Treasury imposed sanctions on more than 50 entities, including shipping companies, vessels, digital wallets, and individuals.

US Treasury Secretary Scott Bessent posted on social media that the US has also sanctioned several digital asset wallets allegedly linked to the Central Bank of Iran and has frozen over $130 million in funds.

These actions come as the US, under President Donald Trump, has reinstated the blockade on ships traveling to or from Iranian ports or coastal areas. US Central Command stated that the maritime blockade resumed at 4 p.m. New York time on Tuesday.

In a statement, Bessent said: “The Treasury Department is shutting down the financial infrastructure that enables this regime to continue threatening US national security and global shipping.”

Previously, Trump and Iranian President Masoud Pezeshkian signed a temporary peace agreement on June 17, but tensions over control of the Strait of Hormuz caused negotiations to collapse. The US and Iran resumed mutual attacks, leading the White House to increase military and economic pressure on Iran.