U.S. slaps sanctions on Iranian ‘extortion network’ controlling Hormuz shipping

The U.S. Treasury Department on July 29, 2026 sanctioned two Iranian companies and eight shadow-fleet operators it accused of running an extortion network that forces commercial vessels to buy maritime “insurance” before transiting the Strait of Hormuz. The penalties target Persian Gulf Marine Insurance Co. and HormuzSafe Marine Services Authority, which Washington says impose mandatory payments on ships passing through the strategic waterway. The move escalates pressure on Tehran amid renewed hostilities between the U.S. and Iran, following the collapse of a brief U.S.-Iran memorandum of understanding earlier in July. The sanctions also hit eight companies operating the so-called shadow fleet that transports Iranian oil, a fleet Tehran has used to bypass U.S. sanctions on its energy exports. Iran has sought to assert control over the Strait of Hormuz, demanding vessels obtain permission to transit and firing on those that refuse. The U.S. maintains that commercial shipping must enjoy unimpeded passage through the strait, rejecting Iran’s claims to levy tolls or charge for safe passage. Treasury Secretary Scott Bessent stated, “The United States will not allow Iran to hold global commerce hostage or use international shipping to finance the IRGC’s terrorism, aggression, and repression.” The sanctions come as the White House intensifies efforts to push Iran back to negotiations after a brief lull in fighting ended on July 28 with reciprocal strikes. President Trump warned on July 29 that the U.S. would respond forcefully to recent attacks on American forces in Jordan, vowing, “We’re going to beat the f***ing sh** out of them.” The Strait of Hormuz remains a flashpoint in the ongoing conflict, with global energy markets sensitive to any disruption in the waterway that carries a significant share of the world’s oil supply.