US Expands Iran Oil Sanctions, Freezes $130 Million in Crypto Assets Amid Escalating Gulf Tensions

Fresh US sanctions have intensified pressure on Iran, with Washington targeting the country’s oil export network and freezing more than $130 million in cryptocurrency assets allegedly linked to Iran’s central bank.

The US Treasury Department announced on Tuesday that the latest measures focus on the business network of Mohammad Hossein Shamkhani, a prominent figure accused of helping Iran sustain its oil exports despite years of international sanctions. Officials say the network has also expanded into global commodities trading.

Treasury Secretary Scott Bessent confirmed that authorities had frozen digital wallets tied to Iran’s central bank, describing the move as part of a broader effort to cut off funding sources for Tehran. “We will continue to aggressively follow the money and deny the Iranian regime access to the proceeds of its illicit revenue schemes,” Bessent wrote on X.

The sanctions come as military tensions between the United States and Iran continue to rise. US forces reportedly carried out a fourth consecutive day of strikes against Iranian targets while reinstating a naval blockade. Iran, meanwhile, has reportedly targeted vessels in the Strait of Hormuz, according to the International Maritime Organization.

The Strait of Hormuz remains one of the world’s most strategic shipping routes, carrying a significant share of global oil exports. Iran began restricting access to the waterway following the outbreak of hostilities with the United States and Israel earlier this year, raising concerns over global energy supplies.

US authorities said the latest sanctions affect more than 50 individuals, companies and vessels allegedly involved in facilitating Iranian oil exports. The Treasury Department added that it has now sanctioned over 200 individuals, entities and ships connected to the Shamkhani network.

Mohammad Hossein Shamkhani is the son of Ali Shamkhani, a senior security adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei. Both men were reported killed on February 28 during the opening phase of the US-Israel military campaign against Iran.

Analysts say cryptocurrency has become an increasingly important financial tool for Iran as years of US and European sanctions have limited the country’s access to the global banking system. Digital assets have allowed businesses and individuals to conduct international transactions despite economic restrictions, making them a growing focus of US sanctions enforcement.