US imposes new sanctions on Iran targeting oil trade, Hezbollah

The Trump administration imposed new sanctions targeting Iran's oil trade on Thursday as part of its maximum pressure campaign, the US Treasury Department announced.

The sanctions target networks allegedly transporting and purchasing billions of dollars of Iranian oil, some of which benefited the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF), as well as those linked to a Hezbollah-controlled financial institution, Treasury Secretary Scott Bessent wrote on X

"While (Iran) has had every opportunity to choose peace, its leaders have chosen extremism," Bessent said in a separate statement. "Treasury will continue to target Tehran's revenue sources and intensify economic pressure."

Among those sanctioned is Iraqi-British businessman Salim Ahmed Said, who allegedly ran a smuggling network blending Iranian oil with Iraqi crude to bypass sanctions.

Additionally, the State Department sanctioned seven senior officials and one entity linked to Al-Qard Al-Hassan (AQAH), a Hezbollah-controlled financial institution.

"These officials, through their management roles, have facilitated Hizballah's evasion of sanctions, enabling AQAH to conduct millions of dollars in transactions through 'shadow' accounts," State Department spokesperson Tammy Bruce said in a statement.

The agency's Rewards for Justice program announced a reward of up to $10 million for information leading to the disruption of Hezbollah's financial networks.

The sanctions came in the wake of a 12-day conflict between Israel and Iran, which erupted June 13 when Israel launched air strikes on Iranian military and nuclear sites. Tehran responded with missile and drone strikes, while the US bombed three Iranian nuclear sites.

The conflict ended under a US-sponsored ceasefire that took effect June 24.