US imposes new sanctions on Iran's oil sector as ‘punishment’ for attack on Israel

The United States (US) imposed new sanctions on Iran's oil sector to punish Tehran for attacking Israel. The sanctions targeted six entities and six vessels involved in Iran's oil and petrochemical industries.

In a joint statement released on Friday, the US Treasury and State Department outlined the sanctions and reiterated their commitment to countering any potential attacks on Israel.

“In the aftermath of Iran’s unprecedented October 1 attack against Israel, the United States made clear that we would impose consequences on Iran for its actions,” US Secretary of State Antony Blinken stated.

He added, “To that end, we are taking steps today to disrupt the flow of revenue the Iranian regime uses to fund its nuclear program and missile development, support terrorist proxies and partners, and perpetuate conflict throughout the Middle East.”

The US accused Iran's oil and petrochemical sectors of financing the development of ballistic missiles and nuclear programs.

According to the State Department, the sanctions imposed by the Biden administration “will lead to the imposition of sanctions against any person determined to operate in the petroleum or petrochemical sectors of the Iranian economy.”

The US Treasury targeted 17 ships, aiming to deter American businesses from engaging in any financial dealings related to Iran's oil industry.

Iran’s oil sector, already burdened by a range of US sanctions, now faces further restrictions.

Assets of six Iranian entities have been frozen, while vessels registered in the UAE, Panama, China, and other locations have also come under sanctions.

Iran fired nearly 200 missiles across Israel on October 1 in retaliation for the killings of Hamas leader Ismail Haniyeh, Hezbollah's founding member Sayyed Hasan Nasrallah, and the assassinations of top IRGC military commanders.

The IRGC claimed that hypersonic missiles were employed in the attack for the first time and successfully hit 90 percent of the targets.

Alarms sounded across cities, and Israeli settlers were asked to take refuge in bomb shelters, while the IDF claimed that Iranian missiles were intercepted with the help of the US and the country's defence system.

Iran had repeatedly indicated retaliation for Israeli provocations, and it finally carried out its attack on several IDF military bases, warning of "vast destruction" if Israel attempted to strike back at Tehran.