US warns shipping firms of sanctions over payments to Iran for Hormuz passage

WASHINGTON – 2 May 2026: The US Treasury’s Office of Foreign Assets Control (OFAC) has warned shipping companies they could face sanctions for making any payments to Iran in exchange for safe passage through the Strait of Hormuz, the AP reported.

The advisory extends beyond cash to include digital assets, barter arrangements, informal swaps, in-kind transfers, charitable contributions, and payments made through Iranian diplomatic missions.

The Strait of Hormuz, at the entrance to the Persian Gulf, carries roughly one-fifth of global oil and liquefied natural gas shipments.

Regional tensions escalated after the US and Israel launched military strikes on Iran on February 28, prompting Tehran to disrupt traffic through the waterway by targeting and threatening commercial vessels.

Tehran later offered limited passage routes near its coastline, reportedly at times charging fees.

In response, and to pressure Iran to agree on a nuclear deal, the US imposed a naval blockade on Iranian ports on April 13, aiming to cut off oil revenues critical to the country’s struggling economy.