Iran Tightens Grip on the Strait of Hormuz Amid New Sanctions
The United States announced new sanctions against the Persian Gulf Strait Authority, an Iranian body managing passage through the strategic Strait of Hormuz. This move escalates tensions as Tehran exerts its control over a crucial global oil route, impacting the world economy following recent conflicts with the U.S. and Israel.
In a significant move, the United States on Wednesday imposed new sanctions on Iran by adding the Persian Gulf Strait Authority to its Specially Designated Nationals list, as confirmed by the Treasury Department's website.
The Authority, established by Iran, oversees the critical Strait of Hormuz, a vital passage for nearly 20% of the world's oil supply. Tehran's control over the strait has created ripples across the global economy.
The strait's closure follows the conflict initiated by the U.S. and Israel against Iran. Recently, the authority asserted Tehran's territorial claims over extensive waters neighboring the strait. The designation by the Treasury's Office of Foreign Assets Control highlights the ongoing geopolitical tensions.
(With inputs from agencies.)
Google News