‘War leaves regime desperate for cash’: US sanctions agencies monitoring Strait of Hormuz as Middle East conflict enters 90th day

The U.S. government announced new sanctions on Iran, targeting the country’s newly created agency tasked with overseeing shipping in the Strait of Hormuz, as Washington continues to increase pressure in the ongoing war. On Wednesday (local time), US forces carried out attacks on Iranian military installations after downing an Iranian attack drone.The latest sanctions target Iran’s Persian Gulf Straits Authority and any individuals or entities working with it. The agency, established earlier this month, has been regulating shipping in the Strait of Hormuz and collecting tolls of up to $2 million per vessel.The Strait of Hormuz is one of the world’s most important shipping lanes, with about one-fifth of the world’s oil and gas supplies passing through it.“The Iranian military’s recent attempts to extort global maritime trade are evidence that economic outrage has left the regime desperate for cash,” U.S. Treasury Secretary Scott Bessant said in a statement.Iran’s Revolutionary Guards defended the move, saying ships must use corridors designated by the force when passing through waterways. It also warned that ships traveling outside approved routes could face attacks and other risks.The sanctions are the Trump administration’s latest attempt to increase pressure on Iran as talks continue over a possible deal to end the war and reopen the Strait of Hormuz.The conflict has pushed up global oil, natural gas and related energy prices since the war broke out on February 28 when the United States and Israel launched military operations. Experts say it could take weeks or even months for shipping activity and prices to return to normal once shipping lanes reopen.At the same time, the United States has maintained a blockade of Iranian ports for more than a month. Trump said the blockade “will remain in full force and effect until an agreement is reached, certified and signed.”The latest sanctions come as Washington and Tehran continue to engage in talks aimed at ending the conflict.Trump told a cabinet meeting on Wednesday that Iran was engaged in “smoke negotiations” and claimed the two sides were getting closer to a deal.“They really want to make a deal,” Trump said. “So far, they haven’t done that. We’re not happy with it, but we will – it’s either that or we’ve got to get the job done.”Earlier this week, the U.S. military said it carried out what it called “self-defense” attacks on missile launch sites and ships laying mines. Wednesday’s strike is expected to make negotiations more difficult.Trump has also warned that fighting could resume if a deal is not reached, although he has repeatedly backed away from similar threats in recent months.Three months since the conflict broke out on February 28, continued disruptions in the strategically important Strait of Hormuz have strained global oil supplies. Iran’s tight control over the pipeline, which carries 20% of the world’s energy supplies, has triggered ripple effects across economies.