Says deals with Iran for safe Hormuz transit are prohibited | Fortune

Washington has clarified that deals with Iran to guarantee safe passage through the Strait of Hormuz are prohibited, regardless of payment, according to a Treasury update dated May 29. The statement also bars U.S. persons from receiving services from the Government of Iran related to safe transit. The Hormuz corridor has slowed dramatically since the Iran conflict began on Feb. 28, contributing to a surge in oil prices and disruption of global energy flows. In response, Iran unveiled a new entity—the Persian Gulf Strait Authority—to collect tolls and, the Treasury warned, to extort vessels transiting the strait.

Separately, the Treasury designated the Persian Gulf Strait Authority (PGSA) under counterterrorism authorities, warning that any dealings with the group carry sanctions risks. Despite the crackdown, roughly one-quarter of non-Iranian large oil tankers trapped in the Persian Gulf at the conflict’s onset have managed to slip out in a slow, cautious wave. The update reiterates that payments to the Iranian government or the Islamic Revolutionary Guard Corps for safe passage through Hormuz would not be authorized, signaling continued pressure on Tehran as diplomacy remains unsettled.