The Trump administration announced its eighth round of Iran-related sanctions on Friday, August 7th, 2026, focusing on Iran's banking system and companies across multiple countries accused of laundering hundreds of millions of dollars. These measures come as diplomats work to secure a deal concerning the Strait of Hormuz.

The U.S. Treasury Department designated Shahr Bank and two Dubai-based exchange houses, Titan Exchange and Alps International, for their roles in helping the bank retrieve oil revenue for major Iranian exporters, including the National Iranian Oil Company and Naftiran Intertrade Co. Titan Exchange allegedly held tens of millions of dollars on behalf of Shahr Bank and is linked to a financier previously sanctioned for aiding a separate shipping and sanctions-evasion network.

Treasury Secretary Scott Bessent stated, "Every facilitator that keeps the regime afloat is putting a target on its own back." He emphasized that the Treasury will continue to expose these networks and cut them off from the U.S. financial system.

In a separate statement, State Department spokesperson Tommy Pigott said the sanctions aim to "cut the financial lifelines that sustain Iran's ruling elite."

These sanctions are part of the administration's broader effort to apply economic pressure on Iran to reopen the Strait of Hormuz and bring an end to the ongoing war, which the administration initially projected would last four to six weeks.

When asked about the status of negotiations on Thursday, President Trump said, "we're doing fine" and indicated that a deal could be announced "soon."

Sources:

Reporter: Richard Escobedo, a CBS News economic policy correspondent and coordinating producer at Face the Nation, who joined CBS in 2018 and is a Texas Christian University graduate.