U.S. Expands Sanctions Targeting Iranian Oil Shipments

Donald Trump has swiftly acted on his pledge to increase pressure on Iran, with the Office of Foreign Assets Control (OFAC) imposing sanctions on over a dozen individuals and companies accused of facilitating the transport of millions of barrels of Iranian oil to China.

The sanctions, announced yesterday, target the 20-year-old, Comoros-flagged Siri VLCC and its captain, along with the 21-year-old, Panama-flagged CH Billion aframax and the 22-year-old, Hong Kong-flagged Star Forest VLCC. India-based crew management firm Marshal Ship Management was also included in the sanctions list.

“The Iranian regime remains focused on leveraging its oil revenues to fund the development of its nuclear program, to produce its deadly ballistic missiles and unmanned aerial vehicles, and to support its regional terrorist proxy groups,” stated Treasury Secretary Scott Bessent in an official release.

Further shipping-related sanctions are anticipated as the U.S. president enforces his ‘maximum pressure’ policy on Iran.

According to data from TankerTrackers.com, of the 503 tankers actively transporting Iranian crude oil and refined products, 283—or 56%—have yet to be blacklisted by OFAC.

Investment bank Jefferies suggests that the full impact of these enhanced sanctions on global tanker markets will likely become clearer later this year. As Iranian exports decline, other producers with spare capacity are expected to step in, using compliant vessels instead of the so-called dark fleet.