Vance says ‘still to be determined’ whether Trump can sign US-Iran deal, as both sides attempt to extend truce

The US Treasury Department on Wednesday announced sanctions against Iran’s Persian Gulf Straits Authority, Tehran’s new agency that charges fees for travel through the strategic Strait of Hormuz.

“The Iranian military’s latest attempt to extort global maritime trade is proof that economic fury has left the regime desperate for cash,” Treasury Secretary Scott Bessent said in a statement.

The statement extends the threat of sanctions to anyone paying these fees, as they “may provide support and receive services” from Iran’s Revolutionary Guards, and therefore could “be at risk of sanctions.”

“Treasury has deprived the Iranian regime of the revenue needed for its weapons programs, terrorist proxies and nuclear ambitions,” Bessent said.

The statement said the United States had succeeded in preventing “tens of billions of dollars in revenue from being accessible” to Tehran.

In a May 20 social media post, the Persian Gulf Straits Authority released a map to define its “regulatory jurisdiction,” demarcating red lines on both sides of the Strait of Hormuz that require Iran’s permission for passage.

U.S. and Iranian forces have observed a ceasefire since April 8 while diplomats push for a negotiated settlement, but Iran’s controls have increased Gulf shipping through the Strait of Hormuz and the United States has launched strikes on Iranian targets in recent days.

Iranian Foreign Ministry spokesman Esmaeil Baqaei said on Monday that Tehran would continue to manage traffic through the strategic strait and insisted that Iran was collecting fees for “navigation services”, rather than imposing tolls.

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