The U.S. has stepped up its economic sanctions against Iran, adding new restrictions on various vessels and companies associated with the country’s oil industry. This is an opportune time to make this move as the Middle East is now in the eyes of the security community again.
Eight oil tankers and 10 entities are placed on the list of new sanctions, according to a statement by the US Treasury Department. The measures are part of a much wider effort to intensify pressure on Iran’s oil supply network, according to U.S. officials.
The primary purpose of the sanctions is to reduce the earnings from Iran’s oil exports, according to Washington. The US alleges the money is being spent to support Iran’s defence budget and its regional friends.
The new sanctions are the latest in a series of steps the United States has taken over the years to stop Iran from evading sanctions through its so-called “shadow fleet” and other means to supply oil.
The transfer is coming on the heels of a recent ceasefire in the Middle East that has been marred by growing tensions. There have been many accusations of attacks and retaliation made by the US and Iran, which has led to concerns about regional security and global energy markets.
Analysts say any new sanctions against Iran are possible to affect bilateral relations, and their influence on global oil supplies, markets and the overall geopolitical picture in the region will be carefully studied.
