US Treasury sanctions entities aiding Iran's drone and missile procurement
Updated
Updated · The Wall Street Journal · May 8
US Treasury sanctions entities aiding Iran's drone and missile procurement
14 articles · Updated · The Wall Street Journal · May 8
On Friday it named 10 people and companies across China, Dubai and Iran, saying they helped obtain weapons and materials for Shahed drones and ballistic missiles.
Treasury Secretary Scott Bessent said the measures target foreign suppliers providing Iran's military with weapons used against US forces and bases in the region.
The move follows earlier US action against Iran's wider missile and drone supply chain as Washington increases pressure on Tehran's military capabilities and regional operations.
Can the U.S. military reopen the world's most vital oil strait, or is it sailing into a sophisticated Iranian trap?
As China openly defies U.S. sanctions, can the upcoming Trump-Xi summit avert a full-blown global economic crisis?
With oil over $100 and supply chains broken, who ultimately pays the price for the escalating conflict in the Gulf?
The 2026 Strait of Hormuz Crisis: Military Escalation, Iran’s Blockade, and Global Oil Market Shock
Overview
In May 2026, U.S. military strikes on Iranian oil tankers near the Strait of Hormuz triggered Iran to seize the tanker OCEAN KOI in retaliation, escalating an already tense conflict fueled by a U.S. naval blockade that severely strained Iran's economy. In response, Iran established the Persian Gulf Strait Authority to control shipping through the strait, causing global trade disruptions and soaring oil prices that intensified a worldwide energy crisis. Diplomatic efforts to resolve the crisis stalled amid conflicting demands over sanctions and nuclear rights, while the risk of broader regional war grew due to Iran's proxy attacks and increased U.S. military presence. The conflict also caused severe humanitarian and environmental damage, highlighting the fragile security and economic stability of the region.