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The United States Treasury Department has sanctioned Iran’s newly created Persian Gulf Strait Authority, accusing Tehran of using the body to extort commercial vessels passing through the Strait of Hormuz, one of the world’s most critical shipping routes.
The sanctions were announced on Wednesday, May 28, 2026, by Treasury Secretary Scott Bessent, who described the move as part of the Trump administration’s ongoing Economic Fury campaign designed to cut off Iran’s access to global revenue streams.
Iran established the Persian Gulf Strait Authority on May 5, 2026, following the US-Israeli war against Iran that began on February 28. After the war broke out, Iran closed the strait and later launched the authority to formalise its control, demanding that commercial ships follow Iranian-designated routes near the country’s coastline and pay fees for passage. The strait is the conduit for approximately 20 percent of the world’s oil and natural gas supply, making it one of the most strategically important waterways on the planet.
The US Treasury said the authority works directly with Iran’s Islamic Revolutionary Guard Corps to coordinate vessel traffic and collect what Washington describes as illegitimate tolls. The department warned that any shipping company or individual cooperating with the authority or paying its fees could face sanctions themselves, as doing so may constitute material support for the IRGC.
“The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash,” Bessent said.
Iran rejected the characterisation, with its Foreign Ministry spokesman Esmaeil Baqaei insisting the fees cover legitimate navigational services and environmental protection costs rather than functioning as illegal tolls.
A ceasefire between US and Iranian forces has been in place since April 8, 2026, while diplomatic negotiations continue toward a broader settlement.
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