US sanctions Iranian airlines as tensions drive oil prices higher

The U.S. Treasury Department has sanctioned 27 Iranian airlines and several related entities as part of a broader effort to pressure Iran’s economy, according to officials. The move is the latest in Washington’s campaign to restrict access to the global financial system and limit Iran’s aviation sector. The sanctions come as fighting and regional attacks continue around the Strait of Hormuz and nearby areas. U.S. officials say Iran and allied groups have contributed to instability in the region, while attacks on energy facilities in Saudi Arabia helped push oil prices higher on Tuesday. The administration says the measures are meant to expand pressure on Iran, though it remains unclear how much additional economic damage they will cause. The latest action also ends aviationrelated licenses that had allowed some U.S. or foreign companies to do business with Iran.