US imposes fresh sanctions on Iran's oil sales

WASHINGTON: The U.S. said on Thursday it has imposed new sanctions on Iran's ​military oil trade, even as Washington and Tehran reached a ‌tentative agreement to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz.

The Treasury Department said it had sanctioned eight vessels involved in ​transporting Iranian crude oil and petroleum products to global markets. ​The vessels included the Marshall Islands-flagged oil tanker Flora, the ⁠Comoros-flagged crude oil tanker Hauncayo and the Panama-flagged tanker Ill Gap.

"We ​will not allow the Iranian government to increase its oil revenue ​for the purpose of reconstituting its armed forces and military capabilities," Treasury Secretary Scott Bessent said in a release.

President Donald Trump has yet to approve the ceasefire deal ​on the war, which the U.S. and Israel launched on February ​28. The conflict has roiled global markets by closing the vital strait off Iran ‌and ⁠Oman through which 20% of the world's oil and gas normally flowed.

The U.S. also imposed sanctions on more than 15 entities including Worth Seen Energy Limited in Hong Kong, Symphony Shipping and Maritime Management ​Inc in Dubai, ​and Mehdiyev ⁠Trading Co, also in Hong Kong.

The Treasury Department said some of the sanctioned Iranian entities also use the ​oil sales infrastructure of the Iranian armed forces ​to secure ⁠oil products from outside Iran. 

It said Worth Seen, for example, procures refined petroleum products for the National Iranian Oil Company on behalf of ⁠Sepehr ​Energy Jahan, the oil sales arm of ​Iran's Armed Forces General Staff, which the U.S. has previously hit with sanctions.