US sanctions 8 Iranian oil vessels in revenue crackdown

US Treasury Secretary Scott Bessent announced Thursday the country has sanctioned eight vessels transporting Iranian crude oil and petrol products. Among the targeted ships are the Marshall Islands-flagged Flora, Comoros-flagged Hauncayo, and Panama-flagged Ill Gap. The sanctions also include Iranian airlines and Iran's self-styled Persian Gulf Strait Authority. "We will not allow the Iranian government to increase its oil revenue for the purpose of reconstituting its armed forces and military capabilities," Bessent stated. State Department spokesperson Tommy Pigott warned the measures will cut off billions funding the IRGC and proxy forces, adding "any entity trading Iranian oil faces serious risk of US sanctions." The move follows recent US-Iran tensions and could impact global oil markets, with Nigeria potentially affected as an oil-producing nation.

SOURCE: https://dailypost.ng/2026/05/29/us-imposes-new-sanctions-on-iran/