Bessent Warns Oman of Sanctions Over Hormuz Strait Tolls, May 29

US Treasury Secretary Scott Bessent warned Oman it will face aggressive sanctions if it helps Iran impose tolls in the Strait of Hormuz. The US also sanctioned Iran’s newly created Persian Gulf Strait Authority and threatened to revoke Iranian airlines’ landing and refueling rights. The warning comes as the US and Iran remain in conflict over control of the waterway, through which roughly 20% of the world’s oil and natural gas normally pass.

Treasury Targets Iran’s Toll Collection Scheme

The US Treasury sanctioned Iran’s Persian Gulf Strait Authority on Wednesday, an agency Iran created to collect transit fees from vessels in the Strait of Hormuz. Bessent said the agency’s tolls could reach as high as $2 million per vessel. The sanctions also target any person or entity cooperating with the authority. Washington warned that companies paying entry fees to Iran could face sanctions exposure for providing support to Iran’s Islamic Revolutionary Guard Corps.

Bessent’s Warning to Oman

Bessent said on Thursday that the US will “aggressively target any actors involved directly or indirectly in facilitating tolls for the Strait.” He specifically warned Oman, saying “willing partners will be penalized.” The warning came less than 24 hours after President Trump threatened military action against Oman. Bessent later told reporters that Trump “wanted to punctuate freedom of navigation in the strait.”

Broader Economic Pressure Campaign

The Treasury also announced it will revoke Iranian airlines’ access to landing rights, refueling services, and ticket sales operations. Rising energy prices from Iran’s effective closure of the strait have created political pressure on Trump ahead of midterm congressional elections. The sanctions represent the latest US effort to combine economic leverage with military action to force Iran into a ceasefire agreement and reopen the waterway.

Why This Matters

The Strait of Hormuz carries about 20% of the world’s oil and natural gas. Iran’s closure of the waterway since late February has disrupted global energy supplies and contributed to sharp increases in energy and fertilizer prices. The US strategy aims to use financial penalties and trade restrictions to pressure Iran’s leadership into reopening the strait without requiring further military escalation.

Final Thoughts

Bessent’s sanctions on Iran’s maritime authority and warning to Oman signal the US is escalating economic pressure to reopen the Strait of Hormuz. The move combines financial penalties with threats of military action as the conflict drags on and energy prices remain elevated.

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