The U.S. Office of Foreign Assets Control (OFAC) has added four Indian companies to its list of sanctioned entities for their role in facilitating the trade of Iranian crude oil.
The companies named are Austinship Management Pvt Ltd, BSM Marine LLP, Cosmos Lines Inc, and Flux Maritime LLP. These sanctions are part of the U.S. government’s ongoing efforts to target Iran’s “shadow fleet,” which the country uses to transport its oil overseas.
In this latest round of sanctions, over 30 individuals and vessels were penalized for their involvement with Iranian oil. This includes oil traders in the United Arab Emirates and Hong Kong, as well as the head of Iran’s National Oil Company.
The sanctions reflect President Trump’s renewed maximum-pressure strategy on Iran. This approach has become a key factor driving oil prices higher. U.S. Treasury Secretary Scott Bessent stated earlier this month that the goal is to reduce Iranian oil exports to just 10% of their current levels. Following the announcement of these new sanctions on Monday, oil prices surged as traders anticipated a tighter supply from OPEC’s third-largest producer.
Tony Sycamore, an analyst at IG, told Reuters, “In the short term, I continue to think crude oil is looking for a base. The fresh U.S. sanctions announced on Iran overnight will likely assist with this, as will the Iraqi oil minister’s commitment to curb its oversupply.”
Iran exports nearly all of its oil to China, which means Trump’s policies on Iran will heavily influence his relationship with China. According to Standard Chartered, Trump’s stance on Iran is closely tied to his dealings with China. The President has warned that countries purchasing oil from Iran will face severe penalties, saying, “I told China and other countries, if you buy from Iran, we will not let you do any business in this country and we will put tariffs on every product you send in, of 100% or more.”
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