The White House announced new sanctions against Iran’s oil network on Thursday, piling more pressure on Tehran’s economy as President Trump pushes forward with his maximum pressure policy.
The penalties, confirmed by the Treasury and State departments, target dozens of companies and tankers accused of secretly helping Iran sell billions in oil under fake identities.
According to Bloomberg, the Treasury Department sanctioned a group of businesses that allegedly moved large volumes of crude by disguising Iranian oil as Iraqi. These shipments were sold to buyers in the West using falsified paperwork.
One of the names listed is Salim Ahmed Said, a dual Iraqi-British national. Said owns several firms accused of coordinating the transport and sale of Iran’s oil while hiding its true source. The Treasury said some of the proceeds went to Iran’s Islamic Revolutionary Guard Corps-Qods Force, a group the US has labeled a terrorist organization.
Treasury cracks down as Trump signals future relief
The State Department added six companies to its list, including four tankers involved in loading Iranian oil and hiding its origin. Officials say these vessels switched off their tracking systems, took cargo at sea, and masked documents to sneak past restrictions.
Scott Bessent, who now heads the Treasury, said, “Treasury will continue to target Tehran’s revenue sources and intensify economic pressure to disrupt the regime’s access to the financial resources that fuel its destabilizing activities.”
Despite the crackdowns, Iran’s oil still flows. Their output hasn’t dropped, and China remains a major buyer. While Trump hasn’t lifted the sanctions, he hinted at the possibility. After the recent US airstrikes on Iran’s nuclear facilities, attacks he claimed had “totally obliterated” the program, he said China could keep buying oil and left the door open for broader relief “if they can be peaceful.” He also went after Iran’s Supreme Leader in the same breath, showing no clear change in tone but floating a vague offer.
Trump signs law to boost oil and kill solar and wind subsidies
At the same time, Trump signed the One Big Beautiful Bill Act into law, ending decades of federal support for solar and wind energy. The House passed the bill Thursday, just before Trump’s deadline, with the Senate having approved it earlier in the week.
Trump has made it clear he wants fossil fuels front and center. Last weekend, in an interview with Fox News, he said, “I don’t want windmills destroying our place. I don’t want these solar things where they go for miles and they cover up a half a mountain that are ugly as hell.”
The law eliminates the clean electricity investment and production tax credits for wind and solar farms. These credits were key to the industry’s growth, active since 2005 and 1992, respectively.
Trump’s new rules cut off those benefits starting in 2027, unless a project starts construction within 12 months of the law’s passage. A related credit for using US-made parts in solar and wind projects also ends after 2027, unless those projects begin soon.
Meanwhile, oil, gas, coal, and nuclear are the clear winners. Trump’s law opens more federal land and waters for drilling, including 30 lease sales in the Gulf of Mexico over the next 15 years. Another 30 sales per year are mandated across nine US states, plus expanded access to Alaska. The law also lowers the royalties that energy firms pay the government when producing on federal property, encouraging even more output.
The law also boosts carbon capture credits. Oil producers now get more money for injecting carbon emissions into the ground to extract additional crude. The hydrogen tax credit gets extended through 2028, which is great news for Chevron and Exxon, both investing in hydrogen fuel. Sommers welcomed that timeline extension, saying it fulfilled a top request from companies planning long-term projects.
Coal gets a piece of the action too. At least 4 million new acres of federal land are being opened for coal mining, and royalty fees are getting cut there as well. The law allows miners to use advanced manufacturing tax credits if they’re producing metallurgical coal, which is used to make steel.
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