U.S. Treasury Reiterates Ban on American Entities Accepting Iranian Services on May 29

According to the U.S. Treasury Department's statement dated May 29, American individuals and entities are prohibited from accepting any services provided by the Iranian government, including those related to safe passage through the Strait of Hormuz, regardless of whether fees are paid.

Since the outbreak of Iran-related conflict on February 28, shipping activity through the Strait of Hormuz has contracted sharply, driving oil prices higher.