What do you believe is the single most important factor driving up the cost of living in Nigeria?

The U.S. Treasury Department announced Friday a fresh wave of sanctions targeting Iran’s petroleum and petrochemical sectors, following Iran's second direct attack on Israel this year.

New Sanctions To Curb Iran’s Energy Revenues

The new measures, issued under Executive Order 13846, include sanctions on 10 entities and 17 vessels involved in the shipment of Iranian petroleum and petrochemical products.

According to the Treasury’s Office of Foreign Assets Control (OFAC), these actions target illicit operators and a substantial portion of Iran's “shadow fleet” — tankers used to circumvent international restrictions and move its oil products discreetly.

"In response to Iran's attack on Israel, the United States is taking decisive action to further disrupt the Iranian regime's ability to fund and carry out its destabilizing activity," said Secretary of the Treasury Janet Yellen in a statement.

Yellen further added the U.S. would not hesitate to impose additional sanctions if Iran continues its aggressive actions.

OFAC’s regulations also ensure that U.S. persons, as well as entities transacting within the U.S., are restricted from engaging in business with any of the designated individuals or entities. Foreign financial institutions that facilitate transactions for these sanctioned actors may also face U.S. penalties.

Market Reaction: Despite intensified sanctions against a key oil producer, crude prices remained relatively stable on Friday.

West Texas Intermediate (WTI) light crude, tracked by the United States Oil Fund USO, was 0.42% lower to $77.46 per barrel heading to the end of the day, on track to mark a flat weekly performance following last week’s significant 8% surge.

Photo: Hamara via Shutterstock

• Read More