Iran's navy fired warning missiles and drones at US warships in the Gulf of Oman on Friday, accusing American forces of harassing maritime traffic, one day after the US Treasury imposed new sanctions targeting Iranian entities and LPG tankers. The confrontation comes amid broader geopolitical tensions as the House separately approved Ukraine aid and Russian sanctions.
The US Treasury sanctioned 12 entities for facilitating Iran's Islamic Revolutionary Guard Corps oil sales to China, warning of potential secondary sanctions on foreign financial institutions, including those connected to China's independent oil refineries.
The US Treasury Department imposed sanctions on 11 entities and three individuals based in Iran, China, Belarus, and the United Arab Emirates for facilitating Iran's acquisition of weapons components, including materials for Shahed drones and ballistic missiles.
The Trump administration imposed economic sanctions on a major China-based oil refinery and approximately 40 shipping companies and tankers involved in transporting Iranian oil, as the global energy trade remains in turmoil from the Persian Gulf conflict.
President Trump announced immediate 50% tariffs with no exemptions on imports from countries supplying military weapons to Iran, adding a new trade dimension to the Middle East conflict. The legal authority for such tariffs remains unclear.
Treasury Secretary Scott Bessent announced the US will temporarily allow the sale of Iranian oil shipments already in transit, estimated to add 140 million barrels to the market. The move comes as oil prices hit their highest settlement since July 2022 amid Iran's closure of the Strait of Hormuz during the ongoing US-Israeli conflict with Iran.
