U.S. Sanctions 8 Tankers in Iran's Hormuz Extortion Network

The U.S. Treasury sanctioned two Iranian firms it said run an IRGC-backed maritime insurance scheme that forces commercial vessels to buy coverage to cross the Strait of Hormuz. The action also blocked eight tankers and eight associated companies tied to shipments of Iranian crude oil and petroleum products, bringing the total to 10 designated entities. Treasury said the policies cover risks largely created by Iran itself and accept digital-asset payments to evade sanctions. Secretary Scott Bessent said Washington would not allow Tehran to hold global commerce hostage or use shipping to finance IRGC operations.