The Trump administration is ramping up pressure on Iran’s oil network, sanctioning more than two dozen individuals, companies and vessels tied to a powerful shipping empire linked to regime insiders.

The Treasury Department’s Office of Foreign Assets Control said the targets are part of a network run by Mohammad Hossein Shamkhani, the son of a senior Iranian security official, describing it as a multi-billion dollar operation that has facilitated illicit oil sales benefiting Tehran and its allies.

“Treasury is moving aggressively with Economic Fury by targeting regime elites like the Shamkhani family that attempt to profit at the expense of the Iranian people,” said Secretary of the Treasury Scott Bessent. “Under President Trump’s leadership, Treasury will continue to cut off Iran’s illicit smuggling and terror proxy networks. Financial institutions should be on notice that Treasury will leverage all tools and authorities, including secondary sanctions, against those that continue to support Tehran’s terrorist activities.”

The action also targets a Hezbollah-linked financier and a network tied to a scheme involving Iranian oil traded for Venezuelan gold, marking the latest step in a broader U.S. campaign that has sanctioned more than 1,000 individuals, vessels and entities tied to Iran’s energy sector and proxy groups.