US prepares new economic measures as attacks escalate in Strait of Hormuz

Two oil tankers owned by Abu Dhabi National Oil Company were hit by drone strikes on August 14 while transiting the Strait of Hormuz, and the aftermath has been swift and severe. By the following day, only two vessels were reported passing through the waterway, according to Kpler data. For context, roughly a fifth of the world’s petroleum supply normally flows through that narrow passage every single day.

The UAE government accused Iran of committing acts of piracy that threaten global energy security. Washington’s response came fast: US Treasury Secretary Scott Bessent announced plans for a comprehensive package of economic sanctions aimed at further isolating Tehran, with details expected during the week of August 17.

A chokepoint under siege

The two vessels struck, the Navig8 Messi and the Tarif, are both ADNOC-owned ships. The UAE’s decision to publicly blame Iran, rather than attribute the strikes to proxies or leave the accusation ambiguous, signals a meaningful escalation in the diplomatic posture of Gulf states toward Tehran.

These attacks did not occur in a vacuum. They are part of a pattern of maritime strikes on commercial ships throughout 2026, several of which prompted direct US military responses against Iranian targets.

The collapse that set the stage

Much of the current tension traces back to the collapse of a June 2026 memorandum of understanding between the US and Iran. That agreement was supposed to establish safe passage through the strait in exchange for sanctions relief for Tehran.

Since the MOU collapsed, Iran has shown increasing willingness to challenge maritime traffic in the strait, and Washington has responded with both military force and economic pressure. The new sanctions package Bessent previewed appears designed to tighten the economic vise further, targeting entities linked to Iran’s Revolutionary Guard Corps.

The US has already imposed multiple rounds of sanctions on IRGC-linked networks throughout 2026, but the upcoming measures are being described as a comprehensive package, language that suggests something broader than the targeted designations Washington has favored in recent months.

What this means for energy markets

Historically, escalations in the strait correlate with spikes in crude prices. The 2019 tanker attacks, for instance, sent Brent crude up roughly 4% in a single session.

Shipping firms operating in the region face elevated risk premiums. Insurance costs for vessels transiting the strait were already climbing before this latest round of attacks, and the ADNOC strikes will almost certainly push war-risk premiums higher.

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