US Targets Iranian Oil Network with Major Sanctions as Exports Climb
Treasury aims to choke off revenues fueling Tehran’s regional proxies after data showed a rebound in crude shipments to China
Overview
- The US Treasury on July 30 sanctioned 12 individuals, 52 vessels and 53 entities tied to Mohammad Hossein Shamkhani’s multinational shipping network for generating tens of billions of dollars in revenue for Iran.
- Analysts report Iran’s crude exports rose from 1.7 million barrels per day in June to 1.8 million bpd in early July, with more than 90 percent bound for Chinese ports including Zhoushan and Qingdao.
- Diplomatic talks between Iran and the E3 on July 25 yielded no breakthrough as Tehran insisted on its right to domestic uranium enrichment and demanded compensation for wartime damage.
- Houthi forces launched five drones targeting sites in Ashkelon, Tel Aviv and the Negev on July 30, and Lebanese President Joseph Aoun on July 31 urged Hezbollah to disarm and prepare amendments to a US proposal ahead of an August 5 cabinet session.
- Syrian authorities reported that armed “outlaw groups” looted public servant salary funds in Suwayda Province on July 31, underscoring persistent security gaps despite ongoing ceasefire efforts.