US imposes sanctions on Iran's Strait of Hormuz Authority

United States has imposed sanctions on Iran’s special authority controlling shipping in the Strait of Hormuz, said the US Department of the Treasury.

“The following entity has been added to the OFAC Specially Designated Nationals (SDN) list: Strait of Hormuz Authority,” the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury stated on Wednesday.

On 28 February, the US and Israel launched a joint strike on several targets in Iran, including Tehran, causing damage and civilian casualties.

Iran subsequently retaliated with attacks on Israeli territory and US military facilities in the Middle East, claiming self-defence.

On 7 April, Washington and Tehran announced a ceasefire. Further talks held in Islamabad concluded without breakthroughs.

Heightened tensions surrounding Iran have led to a de facto blockade of the Strait of Hormuz, a critical route for oil and liquefied natural gas shipments from the Persian Gulf to global markets, impacting oil exports and production.

As a result of the blockade, most countries worldwide have experienced rising fuel and industrial product prices.