The Trump administration announced its eighth round of Iran-related sanctions on Friday, August 7th, 2026, targeting Iran's banking system and multiple companies accused of laundering hundreds of millions of dollars. The sanctions 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 measures aim to "cut the financial lifelines that sustain Iran's ruling elite."

These sanctions are part of the administration's broader strategy to apply economic pressure on Iran to reopen the Strait of Hormuz and bring an end to the ongoing war, which was initially expected to last four to six weeks. When asked about the negotiations on Thursday, President Trump said, "we're doing fine" and indicated a deal could be announced "soon."

Richard Escobedo, a CBS News economic policy reporter and Texas Christian University graduate, covered this development.

Sources