First Iran sanctions since taking office, Trump aims for oil ...Iraq

The department’s statement explainedthat this oil network generates hundreds of millions of dollars for the Iranianmilitary, as "Tehran earns billions of dollars each year from oil sales tofund its activities and support groups like Hamas, the Houthis, and Hezbollah."

Treasury Secretary Steven Mnuchinemphasized Tehran continues to use its oil revenues to fund its nuclear programand ballistic missile production, reiterating “Washington's commitment totargeting any efforts by Iran to secure funding for these activities.”

Iran has warned that unilateralsanctions on crude oil producers would destabilize global energy markets.

Iranian President Masoud Pezeshkiandownplayed the impact of the sanctions, suggesting that "Americans thinkIran's entire economy depends on oil, so they want to halt its exports,"adding that "there are many ways to thwart their objectives."

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