US expands sanctions on Iran after missile attack on Israel

Following Tehran’s missile attack on Israel, the United States on Friday expanded sanctions on Iran’s oil and petrochemical sector, the US Treasury Department announced.

“This action will increase economic pressure on Iran and limit the regime’s ability to use revenue from vital energy resources to destabilize the region and target US partners and allies,” the department said in a statement.

The decision will target key sectors of the Iranian economy, including the oil and petrochemical sector, in this presidential order that aims to deprive the Iranian government of financial resources used to support its nuclear and missile programs.

The Treasury Department also designated 16 entities and 17 vessels as blocked assets for being used to transport Iranian oil and petrochemical products to support the National Iranian Oil Company.