News Digest (www.upstreamonline.com)
The United States Treasury Department's Office of Foreign Assets Control (OFAC) imposed new sanctions on nine oil tankers and their associated companies for transporting Iranian oil and petroleum products worth hundreds of millions of dollars to foreign markets. These sanctions target Iran's "shadow fleet" of vessels, with the stated aim of disrupting revenue that the U.S. alleges funds regional terrorist proxies.
These sanctions are part of President Donald Trump's renewed "maximum pressure" campaign on Iran since 2025 and add to other punitive measures enacted following widespread protests in Iran. This action continues a consistent pattern over the preceding year, which included sanctions on organizations accused of working with Yemen's Houthis on illicit oil sales, a "shadow banking" network financing Iranian oil, and Chinese entities tied to Iran's export network. Previous targets also included Iran's Armed Forces General Staff and a front company accused of covertly shipping crude to support Hamas, the Houthis, and Hezbollah.
Treasury Secretary Scott Bessent stated the sanctions target a critical funding mechanism for the Iranian regime, which he accused of using the revenue to repress its own people, and vowed continued tracking of funds being wired abroad. The sanctioned vessels and their owners/operators are:
While the U.S. has not taken military action in Iran as it recently did in Venezuela, reports indicate it is deploying an "armada" to the Middle East.
23 January 2026
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