US Sanctions Iranian Maritime Agency Over Alleged Hormuz Extortion Scheme

The US Treasury Department on Wednesday sanctioned Iran's Persian Gulf Strait Authority, alleging that the agency extorted commercial vessels in the Strait of Hormuz to fund the Islamic Revolutionary Guard.

"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 sanctions target the PGSA and any person or entity cooperating with the agency, which was established earlier in May to approve transit through the Hormuz and charge tolls that could reportedly reach as high as $2 million per vessel.

Treasury said vessels transiting the strait had been required to submit information to the PGSA and follow Iranian-designated navigation routes near Iran's coastline in exchange for what Tehran described as permission for safe passage.

The sanctions form part of the Trump administration's broader "Economic Fury" campaign aimed at intensifying economic pressure on Iran and curbing its oil revenues.

"Forming a Wall of Steel, the US Naval blockade has ensured a record low amount of Iranian crude on the water. We will also be shutting down both Iranian airlines' access to landing spots, refueling, and ticket sales," Secretary Bessent said on X.

Treasury also warned shipping companies, insurers and financial institutions that they could face sanctions exposure if they comply with Iranian demands related to transit payments through the Strait.

The Department said prohibited payments could include transfers in traditional currencies, digital assets, informal swaps or other in-kind arrangements.

EMEA Natural Gas Update: Futures Rise Over 4% as Fresh Uncertainties Cloud US-Iran Peace Deal

European natural gas futures rose on Thursday amid fresh uncertainties over the US-Iran peace deal and the lack of clarity on the peace deal to end hostilities in the region.The front-month Dutch TTF contract was up by 4.07% to 48.300 euros ($56.19) per megawatt hour, while the UK NBP front-month contract rose 3.95% to 117.500 British pence ($1.57) per therm.Both the US and Iran were involved in fresh clashes on Wednesday, with Iran's Islamic Revolutionary Guard Corps targeting a US airbase in retaliation against American attacks near the southern port city of Bandar Abbas, according to Iran's Tasnim News Agency.Meanwhile, during a cabinet meeting on Wednesday, US President Donald Trump signaled that he was in no hurry to make a deal with Iran."We can make a good deal right now, but maybe not a great deal, and if it's not a great deal, we're not making it," he said, while once again noting that Iran would not be allowed to have a nuclear weapon.The strategically crucial Strait of Hormuz remained effectively shut for the 13th week running, with just six vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.This comes at a time when European natural gas inventories remain depleted, at just 38.83% of capacity, compared to 46.60%, during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 52.8%, according to the Swiss Federal Office of Energy.In a meeting of the European Commission's Gas Coordination Group on Tuesday, member states noted that the region's total gas inventories could touch 80% of capacity by the end of the Summer, "which would secure gas supply for next winter."They, however, noted that gas storage filling must be regularly assessed, while adding that the member states had planned no further interventions as of now.All of this comes during a "a historic, record-shattering heatwave" across Europe, with temperatures rising 12 to 16 degrees Celsius above long-term climatological norms, according to Severe-Weather EU, leading to increased air-conditioning power demand and more natural gas burn.Meanwhile, Daniel Hynes, a senior commodity strategist at ANZ, warned that seaborne shipments to Europe were "running below seasonal norms," amid rising competition from Asian buyers in the spot markets. This stands to further complicate the supply situation for the region.

Update: 3 Oil, LNG Tankers Exit Strait of Hormuz Under Dark Transits, Reuters Analysis Shows

(Updates with requests for comments to the related parties.)Two oil supertankers and one liquefied natural gas tanker exited the Strait of Hormuz earlier this week, heading toward India and China with their transponders turned off, also known as dark transits, according to a Reuters report, citing ship tracking data from LSEG and Kpler.Even as traffic through the Strait remained restricted, the vessels were part of several tankers that departed the Persian Gulf over this month.The vessels were reportedly carrying crude oil from Saudi Arabia and the UAE, along with naphtha loaded from Kuwait in early March.The ongoing military conflict between the US and Iran, which began on February 28, has severely curtailed traffic through the strategically crucial Strait, which accounted for one-fifth of global LNG and crude oil flows.Before the conflict, traffic through the Strait ranged from 125 to 140, and has since dropped to just four over the past 24 hours, according to the Hormuz Strait Monitor.An estimated 20,000 seafarers, working on 100s of vessels, currently remain stuck in the Persian Gulf, as a result of this blockade, according to Reuters.The Indian and Chinese governments did not immediately respond to' request for a comment on this story.

US Sanctions Iranian Maritime Agency Over Alleged Hormuz Extortion Scheme

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EMEA Natural Gas Update: Futures Rise Over 4% as Fresh Uncertainties Cloud US-Iran Peace Deal
European natural gas futures rose on Thursday amid fresh uncertainties over the US-Iran peace deal and the lack of clarity on the peace deal to end hostilities in the region.The front-month Dutch TTF contract was up by 4.07% to 48.300 euros ($56.19) per megawatt hour, while the UK NBP front-month contract rose 3.95% to 117.500 British pence ($1.57) per therm.Both the US and Iran were involved in fresh clashes on Wednesday, with Iran's Islamic Revolutionary Guard Corps targeting a US airbase in retaliation against American attacks near the southern port city of Bandar Abbas, according to Iran's Tasnim News Agency.Meanwhile, during a cabinet meeting on Wednesday, US President Donald Trump signaled that he was in no hurry to make a deal with Iran."We can make a good deal right now, but maybe not a great deal, and if it's not a great deal, we're not making it," he said, while once again noting that Iran would not be allowed to have a nuclear weapon.The strategically crucial Strait of Hormuz remained effectively shut for the 13th week running, with just six vessels transiting over the past 24 hours, according to the Hormuz Strait Monitor.This comes at a time when European natural gas inventories remain depleted, at just 38.83% of capacity, compared to 46.60%, during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for this period, at 52.8%, according to the Swiss Federal Office of Energy.In a meeting of the European Commission's Gas Coordination Group on Tuesday, member states noted that the region's total gas inventories could touch 80% of capacity by the end of the Summer, "which would secure gas supply for next winter."They, however, noted that gas storage filling must be regularly assessed, while adding that the member states had planned no further interventions as of now.All of this comes during a "a historic, record-shattering heatwave" across Europe, with temperatures rising 12 to 16 degrees Celsius above long-term climatological norms, according to Severe-Weather EU, leading to increased air-conditioning power demand and more natural gas burn.Meanwhile, Daniel Hynes, a senior commodity strategist at ANZ, warned that seaborne shipments to Europe were "running below seasonal norms," amid rising competition from Asian buyers in the spot markets. This stands to further complicate the supply situation for the region.

Oil & Energy6d ago
Update: 3 Oil, LNG Tankers Exit Strait of Hormuz Under Dark Transits, Reuters Analysis Shows
(Updates with requests for comments to the related parties.)Two oil supertankers and one liquefied natural gas tanker exited the Strait of Hormuz earlier this week, heading toward India and China with their transponders turned off, also known as dark transits, according to a Reuters report, citing ship tracking data from LSEG and Kpler.Even as traffic through the Strait remained restricted, the vessels were part of several tankers that departed the Persian Gulf over this month.The vessels were reportedly carrying crude oil from Saudi Arabia and the UAE, along with naphtha loaded from Kuwait in early March.The ongoing military conflict between the US and Iran, which began on February 28, has severely curtailed traffic through the strategically crucial Strait, which accounted for one-fifth of global LNG and crude oil flows.Before the conflict, traffic through the Strait ranged from 125 to 140, and has since dropped to just four over the past 24 hours, according to the Hormuz Strait Monitor.An estimated 20,000 seafarers, working on 100s of vessels, currently remain stuck in the Persian Gulf, as a result of this blockade, according to Reuters.The Indian and Chinese governments did not immediately respond to' request for a comment on this story.