The Trump Administration escalated its economic offensive against Iran on Thursday, sanctioning Tehran’s newly created Persian Gulf Strait Authority and warning companies around the world not to pay tolls for passage through the Strait of Hormuz.
Treasury Secretary Scott Bessent announced the move as part of what he called the administration’s ongoing “Economic Fury” campaign against the Iranian regime.
“The [Treasury] continues our Economic Fury campaign against the Iranian regime. Their troops are not getting paid, the police are not reporting for work, and Kharg Island is shut down,” Bessent wrote on X.
“The Iranian economy and currency are in free fall. Iran’s Persian Gulf Strait Authority (PGSA) is a joke, and today Treasury has sanctioned it.”
The sanctions target a body Tehran recently established as part of its effort to assert greater control over maritime traffic through the Strait of Hormuz, one of the world’s most important energy chokepoints.
Bessent also issued a direct warning to shipping companies, governments and financial institutions that may be considering paying fees demanded by the Iranian authority.
“We have warned any corporate or state entities against paying tolls or hiding them as aid payments,” he wrote.
The Treasury secretary touted the effectiveness of a broader US-led effort to squeeze Iran’s energy sector and restrict the regime’s access to hard currency.
“Forming a Wall of Steel, the U.S. Naval Blockade has ensured a record low amount of Iranian crude on the water,” Bessent said.
He added that Washington is preparing additional measures aimed at Iran’s aviation sector.
“We will also be shutting down both Iranian airlines’ access to landing spots, refueling, and ticket sales.”
The administration has increasingly paired military pressure with economic sanctions as it seeks to force Tehran back to the negotiating table following weeks of regional tensions and repeated confrontations involving shipping lanes, drones and missile attacks.
Bessent made clear that sanctions relief remains tied to diplomacy.
“Only a satisfactory outcome in negotiations will end the downward spiral.”
The @USTreasury continues our Economic Fury campaign against the Iranian regime.
Their troops are not getting paid, the police are not reporting for work, and Kharg Island is shut down. The Iranian economy and currency are in free fall.
Iran’s Persian Gulf Strait Authority…
— Treasury Secretary Scott Bessent (@SecScottBessent) May 28, 2026
More over at The New York Post:
Bessent sanctions Iran's Strait Authority – and sends firm warning against paying tolls https://t.co/FIA1ymv9Wo pic.twitter.com/layItYHIaE
— New York Post (@nypost) May 28, 2026
