Story perspectives

US Sanctions Iran Strait Authority, Oil Rises, Trump Threatens Oman

5/28/2026

Summary

Story summary

Treasury Secretary Scott Bessent announced sanctions on Iran’s Persian Gulf Strait Authority, calling it maritime extortion under Operation Economic Fury.
Oil prices rose to $91.16 per barrel after the strikes.
The sanctions bar companies from paying the authority’s tolls or using its financial channels, threatening exclusion from the global financial system.
President Donald Trump warned he would bomb Oman if it joined Iran in jointly administering transit fees.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, imposed an oil embargo on the United States and other Israel supporters, causing crude prices to jump from $3 to $12 per barrel. The embargo forced Nixon’s administration to allocate gasoline and spurred U.S. energy-security policies. Today Treasury Secretary Scott Bessent’s sanctions on Iran’s Persian Gulf Strait Authority echo that 1973 strategy of using oil-linked financial pressure.

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Story summary

Treasury Secretary Scott Bessent announced sanctions on Iran’s Persian Gulf Strait Authority, calling it maritime extortion under Operation Economic Fury.
Oil prices rose to $91.16 per barrel after the strikes.
The sanctions bar companies from paying the authority’s tolls or using its financial channels, threatening exclusion from the global financial system.
President Donald Trump warned he would bomb Oman if it joined Iran in jointly administering transit fees.

1 / 2