Hyderabad, April 16: The US has tightened sanctions on Iran targeting its oil industry and revenue streams. The move comes amid rising tensions over the Strait of Hormuz.
The US Treasury Department said the sanctions will impact Iran’s energy transport network. They also target over two dozen individuals, companies, and vessels linked to oil operations.
Authorities revoked a temporary exemption that had allowed limited Iranian oil sales. This step signals a return to a stricter enforcement approach.
The US State Department said the action seeks to restrict Iran’s ability to generate revenue. Officials linked the decision to concerns over Iran’s actions in the Strait of Hormuz.
US Treasury Secretary Scott Bessent said high level individuals are being targeted. He noted that some were profiting despite economic pressure on Iranian citizens.
The sanctions are expected to affect global oil trade. Refineries in countries like India may face challenges in sourcing Iranian crude.
The latest measures reverse a recent 30 day relief window. Analysts expect continued volatility in energy markets following the decision.
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