US imposes fresh sanctions on Iran's shadow fleet
FREE Breaking News Alerts from StreetInsider.com!
StreetInsider.com Top Tickers, 10/8/2026
- Wall St slips as climbing oil, yields amplify inflation fears
- Oil jumps 5%, then pares gains after Trump says no attack on Iran this month
- Chipotle, Starbucks shares volatile after report of potential takeover
- Why Citi says the Fed could be setting up for a dovish surprise
- Alphabet shares rise as Google pushes Gemini deeper into enterprise AI
Tweet
Share
E-mail
USA and Iranian flags are seen in this illustration taken, September 8, 2022. REUTERS/Dado Ruvic/Illustration
WASHINGTON, Oct 8 (Reuters) - The Trump administration imposed fresh sanctions on Iran on Thursday targeting individuals, networks and 17 vessels for transporting its crude, oil products and petrochemicals, in the latest act of US economic warfare on Tehran, the Treasury Department said.
The sanctions are part of the department's "Operation Economic Outcast," which aims to cut Tehran's funding for the war, missile construction, cyberattacks and the Islamic Revolutionary Guard Corps or IRGC.
"Today's action represents the most significant blow yet to Iran's remaining illicit maritime infrastructure by neutralizing the vast majority of the shadow fleet," a Treasury official told reporters in a call. "Treasury is cutting off the regime's last major source of illicit revenue and strengthening international pressure to hold Tehran accountable."
The move boosts pressure on Iranian oil sales after the US re-imposed its blockade of Iranian ports on July 14 following the breakdown of a memorandum of understanding between Tehran and Washington.
Iran only has about 20 million barrels of crude oil left on vessels outside of the blockade, a Treasury official said. The world uses about 100 million barrels of oil per day.
(Reporting by Timothy Gardner and Daphne Psaledakis; editing by Michelle Nichols and Nia Williams)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Some Said Inflation Risks Had Become More Skewed To Upside - FOMC Minutes
- US judge orders return of Egyptian deported to Equatorial Guinea
- Airbus confirms 72 jet deliveries in September
Create E-mail Alert Related Categories
ReutersRelated Entities
Crude OilSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
