The United States on Tuesday expanded its sanctions targeting Iran's oil sector, taking further aim at the network of petroleum shipping magnate Mohammad Hossein Shamkhani, the Treasury Department said.

OFAC sanctioned over two dozen entities tied to Mohammad Hossein Shamkhani's Iranian oil evasion network. Here's what it means for crypto and markets.

OFAC imposed its largest sanctions package since 2018 against the Shamkhani network, targeting 50+ entities and vessels tied to Iranian oil smuggling with