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U.S. sanctions ‘extortion network’ targeting Hormuz shipping
Treasury says 2 companies require vessels to buy maritime 'insurance' for passage
Ships anchored in the Strait of Hormuz near Larak Island, Iran. (Majid Saeedi/Getty Images/Bloomberg)
Key Takeaways:
- The U.S. sanctioned two Iranian companies and eight shadow-fleet operators July 29, targeting entities tied to Strait of Hormuz transit fees and oil shipments.
- Treasury said the companies require vessels to buy maritime insurance for Hormuz passage as Iran seeks greater control over the waterway.
- The sanctions come after a failed U.S.-Iran memorandum of understanding and renewed fighting, as Washington presses Tehran to resume negotiations.
The U.S. imposed sanctions on two Iranian companies that charge for safe passage through the Strait of Hormuz, an attempt to loosen Tehran’s grip on the vital waterway as hostilities between the countries resume.
The Treasury Department on July 29 announced new penalties on Persian Gulf Marine Insurance Co. and HormuzSafe Marine Services Authority, which it said force commercial vessels to purchase mandatory maritime “insurance” to transit Hormuz.
READ MORE: U.S., Iran remain deadlocked over Strait of Hormuz
The U.S., which has blockaded Iran’s ports as part of its effort to pressure Tehran into capitulation, also sanctioned eight companies operating “shadow fleet” vessels transporting Iranian oil.
U.S. forces have repeatedly tried to pry the strait from the control of Iran’s Islamic Revolutionary Guard Corps. Iran effectively shuttered the waterway after the U.S. and Israel launched a war on the Islamic Republic in late February, causing global energy prices to soar.
The status of the waterway has been at the center of the extended conflict between the U.S. and Iran. Tehran has sought to cement its control of Hormuz, demanding vessels obtain its permission to transit and firing on those that do not.
“The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression,” Treasury Secretary Scott Bessent said in a statement.
BREAKING: President Trump tells Fox News the U.S. will respond after surprise attacks on U.S. forces in Jordan:
"We're going to beat the f***ing sh** out of them."
"We'll be hitting them hard."
"They're going to get a beating." @TreyYingst pic.twitter.com/KgSXEmgt2p — FOX & Friends (@foxandfriends) July 29, 2026
The U.S. has consistently argued that commercial shipping should enjoy unimpeded transit through Hormuz, warning that Iran has no right to levy tolls or charge for safe passage through one of the world’s most important international waterways.
The sanctions come as the White House tries to pressure Iran to resume meaningful negotiations after a memorandum of understanding between the two nations unraveled earlier this month, triggering a fresh round of hostilities.
A brief dayslong lull in the fighting ended on July 28 when the two sides traded strikes. On July 29, Trump said the U.S. would hit Iran hard after a recent attack that targeted a military base in Jordan.
“They’re going to get a beating,” he said in a phone interview with Fox News.
