The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has warned commercial shippers that they risk U.S. sanctions if they make payments to Iran to secure so-called safe passage through the Strait of Hormuz. The advisory, posted Friday, targets Tehran’s effort to extract fees after it effectively disrupted traffic in the strait by attacking and threatening vessels following the Feb. 28 start of the war involving the U.S. and Israel. The strait, at the mouth of the Persian Gulf, normally carries about one-fifth of global oil and gas trade.
Iran subsequently offered some vessels reroutes closer to its coast and at times charged for that protection. OFAC’s alert notes payment demands can take many forms beyond cash — including digital assets, offsets, informal swaps, other in-kind payments, charitable donations, or payments made at Iranian embassies — and warns companies could face consequences for complying with such demands.
Washington has responded to Iran’s moves by imposing a naval blockade of Iranian ports on April 13, barring Iranian tankers from leaving and aiming to cut off oil revenue Tehran needs amid economic strain. U.S. Central Command has said 45 commercial ships have been ordered to turn back since the blockade began.
Live updates:
– May 2, 2026, 6:20 p.m.: President Trump said he was not satisfied with Iran’s latest proposal for talks, even as Tehran’s foreign minister indicated Iran would pursue diplomacy if the U.S. changed its approach. The remarks suggest the two-month conflict may remain deadlocked. The U.S. also announced plans to withdraw 5,000 troops from Germany amid tensions with allies over Iran policy.
– May 2, 2026, 12:36 p.m.: Iranian media reported that Tehran executed two men accused of spying for Israel, including one alleged to have gathered intelligence near the Natanz nuclear site.
– May 2, 2026, 12:22 p.m.: Discount carrier Spirit Airlines shut down after failing to secure creditor support for a proposed U.S. bailout; the airline’s collapse was blamed on a doubling of jet fuel prices tied to the Iran war and eliminated thousands of jobs.
– May 2, 2026, 9:52 a.m.: President Trump criticized U.S. naval operations enforcing the blockade, saying the Navy was “acting like pirates” following recent seizures of a ship and cargo.
– May 2, 2026, 8:23 a.m.: Iran’s foreign minister said Tehran would consider diplomacy if the U.S. changed what he called its “excessive approach, threatening rhetoric and provocative actions,” while stressing Iran is prepared to defend itself.
– May 2, 2026, 8:22 a.m.: Trump said Iran’s leaders had made demands he could not accept and that he would not end the confrontation prematurely, reiterating a refusal to allow Iran to obtain a nuclear weapon and citing pressure to break Iran’s chokehold on the strait, which has disrupted roughly 20% of global oil and gas supplies.
