The Trump administration on Wednesday placed additional sanctions on Iran as part of a sprawling during the war, this time targeting the country鈥檚 through the Strait of Hormuz.
The sanctions were announced late Wednesday after on an Iran military facility after downing Iranian attack drones, according to U.S. officials who were not authorized to comment publicly and spoke on the condition of anonymity.
The sanctions move, first reported by The Associated Press, is the latest U.S. effort to use economic leverage on top of military action to to end the war and open the waterway where a fifth of the world鈥檚 oil and natural gas normally passes. President Donald Trump has said a deal is imminent, but talks are ongoing.
Rising energy prices and other costs stemming from of the strait have heaped political pressure on Trump and other Republicans ahead of the midterm congressional elections.
鈥淭he Iranian military鈥檚 latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash,鈥� Treasury Secretary Scott Bessent said in a statement.
The sanctions target Iran鈥檚 Persian Gulf Strait Authority and any person or entity cooperating with the agency, announced earlier this month, that that could reach as high as $2 million per vessel.
Iran鈥檚 powerful paramilitary Revolutionary Guard has defended this oversight effort, saying the only safe route for transit through the critical waterway is through and saying any ships that deviate from that path face a series of attacks and risks.
Iran鈥檚 chokehold on the strait has caused and followed the U.S. and Israel launching the war on Feb. 28. Prices have spiked for oil, gas and related products, and experts say it would take several weeks or even months for shipping and prices to recover once the waterway reopens.
In turn, the U.S. has for over a month, and Trump said it 鈥渨ill remain in full force and effect until an agreement is reached, certified, and signed.鈥�
The latest economic penalties come as Washington and Tehran have been engaged in some of the most intense diplomacy and negotiations in years, aimed at bringing an end to the war and a pathway for a longer-term solution to issues between the longtime adversaries.
Trump said Wednesday that Iran is 鈥渘egotiating on fumes鈥� and said the sides are closing in on a deal even after the on missile launch sites and boats placing mines. Wednesday鈥檚 strikes are likely to cause more complications.
鈥淭hey want very much to make a deal,鈥� Trump said at a Cabinet meeting Wednesday. 鈥淪o far, they haven鈥檛 gotten there. We鈥檙e not satisfied with it, but we will be 鈥� either that or we鈥檒l have to just finish the job.鈥�
The Republican president also has reiterated his warning that fighting would resume if no deal is reached but has pulled back from those threats several times now in the last few months.
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