US Sanctions Iran's Hormuz Authority as Crude Exports Hit Records

On May 28 the US Treasury sanctioned Iran’s Persian Gulf Strait Authority, with Secretary Bessent vowing continued maximum pressure and reinforcing transit risk for the Strait of Hormuz. The move follows US self-defense strikes on May 25 that shattered hopes for a 30-day reopening deal, driving WTI back above $93 after a 7% plunge. Earlier regulatory steps—Trump’s May 3 Keystone Light permit, the May 16 lapse of Russian waivers, Dakota Access approval on May 21, and sanctions on Hengli—have kept 10–11 million bpd offline amid 11-year-low inventories, sustaining geopolitical support for prices through late May.