US Navy Sinks Iranian Tankers in Drastic Bid to Disrupt Oil Exports
The US Navy has taken a drastic measure to disrupt Iran's oil exports by destroying five of its tankers in the Gulf of Oman. This move is part of Washington's efforts to enforce sanctions on Tehran, which has been trying to evade financial pressure through its 'shadow fleet' of aging and opaquely owned ships.
The Treasury Department has designated Golden Global Yatırım Bankası, a Turkish bank accused of moving tens of millions of dollars for the IRGC-Quds Force and helping Chinese payments for Iranian crude flow through Turkish accounts. This is part of the US campaign to sever Tehran's access to correspondent banking and SWIFT.
The destruction of the tankers has sent Brent crude prices soaring above $100 a barrel, benefiting Gulf and US producers who are now selling into this high-priced market. The move also raises the cost of evasion for financiers on all sides, potentially pushing more sanctions-busting money towards instruments with no physical assets to seize.