Treasury Secretary Scott Bessent announced sanctions on Tehran’s nautical authority that is seeking to establish control over the Strait of Hormuz, denouncing it as “maritime extortion.”

The new sanctions were announced as part of Washington’s intensifying Operation Economic Fury, the effort to strangle Iran’s economy through economic and financial means. Iran has tried to maximize its one major trump card, proximity to the Strait of Hormuz, going so far as to assert complete control over the key waterway in recent weeks. To consolidate its claims of control, Tehran created the Persian Gulf Strait Authority, which was tasked with vetting vessels for approval through the waterway and collecting tolls for passage. The organization isn’t broadly recognized.