US sanctions Iran over Hormuz extortion
Analysis based on 16 articles · First reported Jul 29, 2026 · Last updated Jul 30, 2026
The sanctions increase geopolitical risk in the Strait of Hormuz, a chokepoint for about 20% of global oil and LNG trade, potentially raising oil prices and shipping costs. The measures also tighten pressure on Iran's economy, already in freefall with triple-digit inflation, and may disrupt crude flows to China and the UAE.
On July 29, 2026, the United States imposed new sanctions targeting entities linked to Iran's Islamic Revolutionary Guard Corps (IRGC) for an alleged extortion scheme in the Strait of Hormuz. The US Treasury Department sanctioned the Persian Gulf Marine Insurance Company and Iran — HormuzSafe Marine Services Authority, accusing them of forcing commercial vessels to purchase mandatory maritime insurance to transit the strait, thereby manufacturing risk and charging for coverage against dangers created by Iran itself. Additionally, the US sanctioned eight shipping companies operating vessels that transported Iranian crude oil and petrochemicals to China and the United Arab Emirates, part of Iran's shadow fleet. The sanctions follow renewed hostilities after July 7, when Iran blocked the Strait of Hormuz and claimed the right to impose transit fees, while the US imposed a blockade on Iranian ports. President Donald Trump warned of striking Iran hard after a missile attack on US bases in Jordan. The US United States — Office of Foreign Assets Control has blacklisted over 100 vessels linked to Iran's shadow fleet since the start of 2026.
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