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The US has announced new sanctions on Iran’s energy sector in response to its October 1 attack on Israel when it fired roughly 180 missiles into the country. Iran said the barrage was retaliation for a series of devastating blows Israel has landed in recent weeks against the Iran-backed militant group Hezbollah in Lebanon, which has been firing rockets into Israel since the war in Gaza began.
Included in the sanctions are blocks on Iran’s so-called “ghost fleet” of ships and associated firms that span the United Arab Emirates, Liberia, Hong Kong and other jurisdictions that allegedly obfuscate and transport Iranian oil for sale to buyers in Asia. Additionally, the US State Department designated a network of companies based in Suriname, India, Malaysia and Hong Kong for allegedly arranging for the sale and transport of petroleum and petroleum products from Iran.
Current US law authorises sanctions targeting Iran’s energy sector as well as foreign firms that buy, sell and transport Iranian oil. But energy sanctions are often a delicate issue as restricting supplies could push up prices for global commodities that the US and its allies need. Jake Sullivan, the US national security advisor, said the new sanctions “will help further deny Iran financial resources used to support its missile programmes and provide support for terrorist groups that threaten the United States, its allies, and partners.”
The penalties aim to block them from using the US financial system and bar American citizens from dealing with them. Israel and Iran have fought a shadow war for years, but rarely have they come into direct conflict. Increasingly, however, escalating attacks between Israel and Iran and its Arab allies threaten to push the Middle East closer to a regional war.
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