US sanctions target Iran-linked Hormuz insurers

The United States announced new sanctions on Wednesday against entities it linked to Iran's Revolutionary Guards and accused of extracting money from ships using the Strait of Hormuz.

The US Treasury Department said an Iran-backed "extortion scheme" forced commercial vessels to buy mandatory maritime insurance to transit the strait. The State Department said the targeted entities created risk, including the threat of vessel seizures, and then charged ships for protection against those dangers.

The sanctions target Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, which Washington said are linked to Iran's Islamic Revolutionary Guard Corps.

The United States also sanctioned eight companies operating ships that it accused of transporting Iranian crude oil and petrochemicals to China and the United Arab Emirates in violation of other US sanctions. The State Department said the vessels were part of Iran's "shadow fleet" used to evade restrictions.

Treasury Secretary Scott Bessent said Iran's government was seeking cash while facing what he described as a collapsing economy and triple-digit inflation.

The announcement came as President Donald Trump warned that the United States would strike Iran "hard" after a missile attack against US bases in Jordan, following a days-long pause in the Middle East conflict.

After hostilities with Washington resumed on July 7, Iran blocked the Strait of Hormuz, a major route for global energy shipments, and said it had the right to impose transit fees on ships. The United States has imposed a blockade on Iranian ports. About 20% of the world's oil and liquefied natural gas passed through the Strait of Hormuz before the war.