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The Trump administration on Wednesday imposed additional sanctions on Iran, targeting a newly created agency that controls shipping through the Strait of Hormuz, as part of an economic pressure campaign amid ongoing war. The sanctions were announced after U.S.

forces conducted strikes on an Iranian military facility, following the downing of Iranian attack drones, according to U.S. officials who spoke on condition of anonymity.

This move, first reported by The Associated Press, combines economic leverage with military action to push Iran's leadership toward an agreement to end the conflict and reopen the waterway, through which a fifth of the world's oil and natural gas normally passes. President Donald Trump has stated that a deal is imminent, but negotiations continue.

Rising energy prices and other costs from Iran's effective closure of the strait have increased political pressure on Trump and other Republicans ahead of the midterm congressional elections. Treasury Secretary Scott Bessent said in a statement, "The Iranian military’s latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash." The sanctions target Iran's Persian Gulf Strait Authority and any person or entity cooperating with the agency, which was announced earlier this month.

The agency approves transit in the strait and charges tolls that could reach up to $2 million per vessel. Iran's paramilitary Revolutionary Guard has defended this oversight, stating that the only safe route through the critical waterway is the corridor it has designated, and that ships deviating from that path face attacks and risks.

Iran's chokehold on the strait has caused worldwide energy shocks, following the U.S. and Israel launching the war in February.

Prices for oil, gas, and related products have spiked, and experts say it would take weeks or months for shipping and prices to recover once the waterway reopens. In response, the U.S.

has blockaded Iranian ports for over a month, and Trump said it "will remain in full force and effect until an agreement is reached, certified, and signed." The latest economic penalties come as Washington and Tehran engage in intense diplomacy and negotiations aimed at ending the war and finding a long-term solution. Trump said Wednesday that Iran is "negotiating on fumes" and that the sides are close to a deal, even after the U.S.

military said Monday it had carried out "self-defense" strikes on missile launch sites and boats placing mines. Wednesday's strikes are likely to cause further complications.

"They want very much to make a deal," Trump said at a Cabinet meeting Wednesday. "So far, they haven’t gotten there.

We’re not satisfied with it, but we will be — either that or we’ll have to just finish the job." The president also reiterated his warning that fighting would resume if no deal is reached, though he has pulled back from such threats several times in recent months.