Trump's goal remains the same as in his first term: to reduce Iran's oil exports to nearly zero.
On Monday, the U.S. Treasury Department announced a new round of sanctions on Iran's oil industry. More than 30 brokerage firms, tanker operators, and shipping companies were targeted for their involvement in the sale and transportation of Iranian oil.
This move comes as U.S. President Trump tries to reduce Iran's crude oil exports to zero to prevent the country from obtaining nuclear weapons. It builds on the multiple layers of sanctions already imposed by his administration and the previous Biden administration.
U.S. Treasury Secretary Besent said in a statement, "Iran continues to rely on a covert network of ships, shippers, and brokers to facilitate its oil sales and fund its destabilizing activities." He added, "The United States will use all available tools at our disposal to target every aspect of Iran's oil supply chain, and anyone dealing in Iranian oil will face significant sanctions risks."
The Treasury Department said that the National Iranian Oil Terminals Company is responsible for operating all of Iran's oil terminals, including the Kharg Island tanker terminal through which most of Iran's oil passes and the South Pars condensate terminal, which accounts for 100% of Iran's condensate exports.
Earlier this month, Trump resumed his "maximum pressure" campaign against Iran, which includes efforts to reduce the country's oil exports to zero and re - implement the tough policies towards Iran that were in place during his first term.
Oil is Iran's main source of revenue. Targeting the country's oil exports aims to cut off the funding for its nuclear and missile programs. This move generally prohibits any U.S. individual or entity from conducting any business with the targets and freezes any U.S. - held assets.
Trump accused his predecessor of failing to enforce oil export sanctions strictly. According to estimates from the U.S. Energy Information Administration (EIA), despite U.S. sanctions, Tehran's oil exports still brought in $53 billion in 2023, compared with $54 billion the previous year. According to OPEC data, Iran's production reached its highest level since 2018 in 2024.
After Trump re - imposed sanctions during his first term, Iran's oil exports were once reduced to nearly zero. However, during the Biden administration, Iran's oil exports rebounded as it successfully evaded sanctions. It is unclear whether Trump's measures will significantly reduce Iran's exports.
The Paris - based International Energy Agency (IEA) believes that Saudi Arabia, the United Arab Emirates, and other OPEC members have enough spare capacity to make up for any lost Iranian exports.
