- May 29, 2026
‘Will Not Hesitate To Take Action Against Anyone, Anywhere’: Trump Admin Warns Over Iran Oil Trade
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US sanctions Irans shadow oil economy, targeting vessels, companies and a Hong Kong network funding the IRGC, warning global traders they risk serious US penalties
Donald Trump attends a Cabinet meeting at the White House (Photo: AP)
The administration of US President Donald Trump has issued a stern warning to companies, traders and shipping networks worldwide, saying Washington “will not hesitate to take action against anyone, anywhere” accused of helping fund Iran’s military and regional activities through illicit oil trade.
The warning came as the United States unveiled a fresh round of sanctions targeting what it described as Iran’s “shadow oil economy”, including vessels, companies and trading networks allegedly involved in transporting Iranian crude oil and petroleum products to global markets.
Washington said the latest measures were part of its “economic fury” campaign aimed at intensifying pressure on Tehran and cutting off revenue streams allegedly used by the Iranian military establishment and the Islamic Revolutionary Guard Corps (IRGC).
“The US is targeting the Iranian regime’s dark fleet and illicit oil networks under Economic Fury,” US State Department spokesperson Tommy Pigott said in a post on X.
“Today’s sanctions cut off billions in revenue that fund the IRGC, proxy forces, and attacks on our partners. Any entity trading Iranian oil faces a serious risk of US sanctions.”
In another statement, the State Department said the US was taking “coordinated action to sever the Iranian regime’s access to the revenue streams that fuel its regional aggression and global terrorism.”
It added that the sanctions directly target “the financial lifelines of the Islamic Revolutionary Guard Corps (IRGC) and Iran’s military apparatus”.
The department announced sanctions on eight entities and identified eight vessels as blocked property for allegedly transporting Iranian petroleum or petrochemical products.
It also sanctioned three entities and one individual linked to the trade of Iranian-origin petrochemicals.
Among the vessels named in the sanctions action were the Marshall Islands-flagged tanker Flora, the Comoros-flagged crude oil tanker Hauncayo and the Panama-flagged tanker Ill Gap.
The US Treasury Department simultaneously announced sanctions against what it described as a Hong Kong-based oil sales network accused of moving “tens of millions of barrels of Iranian oil worth billions of dollars”.
According to the State Department statement, the network allegedly facilitated the storage, transport and sale of Iranian oil, thereby “directly funding the IRGC, Iran’s Armed Forces General Staff, and its military apparatus”.
The statement further warned businesses and traders globally against engaging with Iran’s energy trade.
“Any entity cooperating with Iran’s illicit oil trade or trading Iranian energy products faces the risk of exposure to US sanctions,” the State Department said.
It added, “We will not hesitate to take action against anyone, anywhere, funding the Iranian government’s ability to attack its neighbours and its own people.”
The sanctions announcement came even as Washington and Tehran had tentatively agreed to extend a ceasefire and discuss easing restrictions on shipping through the Strait of Hormuz, a critical global energy route through which nearly one-fifth of the world’s oil and gas supplies typically flow.
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