Trump Administration Unveils New Iran Sanctions Targeting Oil and Revenue Networks

On Monday, August 24, 2026, US Treasury Secretary Scott Bessent announced a new economic pressure campaign against Iran, vowing to target all revenue sources, including oil, to isolate Tehran. The Treasury Department imposed sanctions on entities in Iran's nuclear, missile, cyber, and oil sectors, targeting a network of broker companies managing "shadow fleet" vessels across the UAE, Hong Kong, China, Singapore, Switzerland, and Europe. It also flagged digital assets, technology, gold, aviation, and shipping for potential secondary sanctions and suspended general licenses for remittance payments to Iran. President Donald Trump has pledged to hit Iran hard economically, while Tehran has threatened to cut off all Gulf oil exports if the economic war continues.