US Sanctions Hit Iran Oil Network, Crypto Exchanges Amid Strait of Hormuz Tensions
The US has imposed sanctions on ten companies and eight tankers connected to Iran's oil trade, escalating a campaign that now reaches from shipping lanes in the Strait of Hormuz to cryptocurrency wallets linked to Tehran's central bank.
The sanctioned network includes firms based in Hong Kong, the UAE, and Oman, with three individuals also designated. The eight targeted tankers represent the physical infrastructure of this evasion network.
In July 2026, the US Treasury froze over $130 million in digital asset wallets allegedly linked to the Central Bank of Iran. Four prominent Iranian crypto exchanges were sanctioned as part of the action: Nobitex, Bitpin, Ramzinex, and Wallex. These platforms were designated for facilitating transactions on behalf of sanctioned entities.
The US move comes amid heightened tensions in the Strait of Hormuz, where three vessels were intercepted by Iran's Islamic Revolutionary Guard Corps in late July 2026. The strait is a critical chokepoint in global trade, and the timing of these events is likely not coincidental.