US Slams Sanctions on Iranian Oil Network

The US has imposed sanctions on ten companies and eight tankers tied to Iran's oil network, escalating a campaign that now spans shipping lanes in the Strait of Hormuz to cryptocurrency wallets linked to Tehran's central bank.

The move comes as Iran intercepted three vessels in the strait, a waterway that handles roughly a fifth of the world's oil supply. The sanctions target a network of companies spread across Hong Kong, the UAE, and Oman that have been facilitating Iranian oil shipments, primarily to China.

Four of the sanctioned firms are based in Hong Kong, four in the UAE, and one in Oman, with three individuals also designated in the action. The eight tankers represent the physical infrastructure of Iran's evasion network.