The U.S. Treasury Department on 3 July imposed a fresh round of Iran-related sanctions, targeting what it described as a multimillion-barrel oil-smuggling operation and the financial arm of Lebanon’s Hezbollah. The measures block U.S. assets of the designated parties, bar Americans from dealing with them and expose non-U.S. counterparties to secondary sanctions. Treasury officials said the oil scheme is run by Iraqi-British businessman Salim Ahmed Said, whose network has disguised Iranian crude as Iraqi oil since at least 2020. The operation allegedly generated billions of dollars for Tehran, including funds that reached the Islamic Revolutionary Guard Corps-Quds Force. OFAC blacklisted multiple companies tied to Said and four vessels— the Vizuri, Fotis, Themis and Bianca Joysel— that Washington says form part of Iran’s ‘shadow fleet’ used for ship-to-ship transfers and false documentation. Separately, seven senior officials and one entity connected to the Hezbollah-controlled financial institution Al-Qard Al-Hassan were sanctioned for facilitating millions of dollars in transactions that obscured the group’s involvement in Lebanon’s formal banking system. The State Department concurrently designated six additional entities and identified four vessels for significant transactions involving Iranian petroleum and petrochemicals. Treasury Secretary Scott Bessent said the action marks the eighth U.S. sanctions round focused on Iran’s oil trade since 2021 and vowed to “intensify economic pressure” on Tehran. The move comes ahead of U.S.–Iran nuclear talks expected next week and follows late-June U.S. strikes on Iranian nuclear sites, underscoring Washington’s continued use of financial pressure alongside military and diplomatic tools.