US Sanctions 6 Companies and Strait Authority Over Iranian Oil Sales to China
Updated
Updated · marex.com · Jun 2
US Sanctions 6 Companies and Strait Authority Over Iranian Oil Sales to China
3 articles · Updated · marex.com · Jun 2
May 28 sanctions hit six companies tied to Iranian oil sales to China and the Persian Gulf Strait Authority, which Iran set up to charge tolls on Hormuz transit.
Brent has slid to $92.05 a barrel from an April 30 four-year high of $126.41 as traders price in reports of a 60-day US-Iran understanding that could reopen the Strait of Hormuz.
That market optimism remains unconfirmed: the proposed deal would extend a ceasefire, start nuclear talks and clear mines within 30 days, but President Donald Trump has not agreed and talks have dragged on for three weeks.
US inventories added another layer to pricing, with commercial crude down 3.3 million barrels, gasoline falling for a 15th straight week and distillates at a 23-year low, while 9.06 million barrels were released from the SPR.
Washington is also balancing supply risks by extending a 30-day waiver for some Russian oil sales even as Ukrainian drone strikes disrupt Russian export and refining infrastructure.
With US gasoline inventories plummeting before summer, are American drivers headed for an unprecedented spike in prices at the pump?
As Iran demands Bitcoin tolls in the world's top oil chokepoint, can diplomacy avert a global economic shock?
A massive utility merger is betting on the AI boom. Can the US power grid actually support this new industrial revolution?
2026 US-Iran Sanctions Escalation: Strait of Hormuz Control, Oil Markets Disrupted, and the New Maritime Standoff
Overview
In late May 2026, the United States imposed new sanctions on Iran, targeting both its oil sales and its emerging maritime authority. The US aimed to dismantle an Iranian network accused of impersonating US businesses to acquire military technology, using fake websites and intermediaries in Dubai. A key focus of these sanctions is Iran’s increasing control over the Strait of Hormuz, a vital global oil route. US officials stressed the need to keep the Strait open, responding to Iran’s efforts to regulate and potentially restrict shipping. These actions highlight rising tensions and the global impact of the ongoing US-Iran conflict.