U.S. Treasury unveiled sanctions on more than 30 Iranian companies and individuals, just as daily ship movements through the Strait of Hormuz have slumped sharply.
Washington’s new measures aim at entities that facilitate Tehran’s trade, from shipping firms to financial intermediaries, and have drawn sharp rebuke from Beijing, which warned the move could further destabilise global markets. The sanctions come ahead of anticipated diplomatic talks in Vienna, signaling a hard‑line U.S. stance despite ongoing back‑channel efforts to curb Iran’s nuclear and regional activities.
In retaliation, Iran’s foreign ministry announced that Iraqi oil tankers would now be allowed to navigate the strategic waterway without prior permission, a concession intended to portray Tehran as a responsible maritime actor. The decision has already coincided with a noticeable decline in vessel traffic, as many operators reroute to avoid potential entanglements, contributing to a tighter supply of crude that is pushing Brent and WTI prices higher.
For Pakistan, the ripple effects are immediate. The country imports roughly 30 % of its oil requirements via the Persian Gulf, and a constricted Hormuz corridor could raise freight costs and push domestic fuel prices up, squeezing both consumers and the transport sector. Analysts warn that higher global crude prices may also widen the trade deficit, prompting the Ministry of Finance to monitor the situation closely and consider alternative supply routes or strategic petroleum reserves to cushion the impact.