US Hits Iran with Fresh Sanctions Over Strait of Hormuz Extortion Scheme

The US Treasury Department has announced fresh sanctions on entities connected to Iran's Revolutionary Guards, accusing them of running an 'extortion scheme' through the Strait of Hormuz.

Eight oil tankers and 10 corporate entities have been targeted in this latest move under Washington's 'maximum pressure' drive against Iran's illicit petroleum trade.

The US claims that Iran is forcing merchant shipping to purchase maritime insurance policies before navigating the vital passageway, which creates a risk of vessel seizures and allows Tehran to collect fees from commercial vessels.

Treasury Secretary Scott Bessent emphasized that 'with its economy in freefall and inflation in the triple digits, the regime is desperate for cash.'