TEHRAN – The United States expanded its sanctions regime against Iran's oil industry on Monday, targeting more than 30 brokers, tanker operators, and shipping companies based in various countries. 

The Treasury Department stated these entities have facilitated the sale and transport of Iranian petroleum, thereby circumventing existing restrictions. These new measures build upon a series of sanctions previously implemented, beginning under the Trump administration after the U.S. withdrawal from the 2015 nuclear agreement, and continued by the Biden administration. The stated goal of these sanctions is to reduce Iran's crude oil exports to zero.

The announcement arrives amidst reports indicating a recent surge in Iranian oil exports, particularly to China. Data from Kpler, cited by Bloomberg, suggests that Iran's average daily oil exports to its largest buyer reached 1.74 million barrels in February, an 86% increase compared to January. This increase has been attributed to the opening of new receiving terminals and a greater reliance on ship-to-ship transfers, methods used to obscure the origin of the oil and evade sanctions enforcement.

It remains uncertain whether the newly imposed sanctions will effectively curtail this upward trend in Iranian oil exports. While the U.S. Treasury Department asserts that it will continue to aggressively target those facilitating Iran's oil trade, the effectiveness of these measures is constantly challenged by Iran's evolving strategies for avoiding U.S. pressures. The continued flow of Iranian oil, especially to countries like China, also raises questions about the long-term viability of the "maximum pressure" strategy and its ability to further impact Iran's economic activities.