The U.S. Treasury Department sanctioned 12 entities and individuals for facilitating Iranian oil sales. These sanctions target firms in China for supporting the Islamic Revolutionary Guard Corps.
This move intensifies economic pressure on Tehran during a peace talk stalemate and the closure of the Strait of Hormuz. The action aims to dismantle financial networks supporting the Iranian regime.
The Department of Energy will release 53.3 million barrels from the Strategic Petroleum Reserve to manage domestic fuel prices. Brent crude prices currently exceed $100 per barrel. These high prices continue to drive profitability for energy companies amid ongoing supply risks.