“We will not allow the Iranian Government to increase its oil revenue for the purpose of reconstituting its armed forces and military capabilities,” Treasury Secretary Scott Bessent said in a release.
President Donald Trump has yet to approve the ceasefire deal on the war, which the US and Israel launched on February 28. The conflict has roiled global markets by closing the vital strait off Iran and Oman through which 20 per cent of the world’s oil and gas has normally flowed.
The US also imposed sanctions on more than 15 entities including Worth Seen Energy in Hong Kong, Symphony Shipping and Maritime Management in Dubai, and Mehdiyev Trading, also in Hong Kong.