The US administration has announced new sanctions on Iran targeting the country’s newly formed agency that oversees shipping through the Strait of Hormuz, as Washington continues its economic pressure campaign amid the ongoing war. The move came hours on Wednesday (local time) after the US military attacked an Iranian military facility after downing Iranian attack drones.The latest sanctions target Iran’s Persian Gulf Straits Authority and any individuals or entities dealing with it. The agency, created earlier this month, is regulating transit through the Strait of Hormuz and charging tolls that can reach up to $2 million per ship.The Strait of Hormuz is one of the world’s most important shipping routes, with approximately one-fifth of the global oil and natural gas supply passing through it.“The Iranian military’s latest effort to extort global maritime trade is evidence that economic rage has left the regime desperate for cash,” U.S. Treasury Secretary Scott Besant said in a statement.Iran’s Revolutionary Guard defended the move, saying ships should use the corridor designated by the force when passing through the waterway. It also warned that ships sailing outside approved routes could face attacks and other risks.The sanctions come as the latest effort by the Trump administration to increase pressure on Iran while negotiations continue on a potential deal to end the war and reopen the Strait of Hormuz.The conflict has sent oil, gas and related energy prices soaring globally since the war began after the United States and Israel began military action on February 28. Experts have said it could take weeks or months for shipping movements and prices to return to normal once the waterways reopen.At the same time, America has maintained a blockade on Iranian ports for more than a month. Trump said the blockade “will remain in full force and effect until an agreement is reached, ratified and signed.”The latest sanctions come as Washington and Tehran remain engaged in talks aimed at ending the conflict.Speaking at a Cabinet meeting on Wednesday, Trump said Iran was “talking on smoke” and claimed the two sides were moving closer to an agreement.“They want to make a deal,” Trump said. “So far, they’re not there. We’re not satisfied with it, but we will be – either that or we’ve just got to finish the job.”Earlier this week, the US military said it carried out “self-defense” strikes on missile launch sites and boats laying mines. Wednesday’s strike is expected to make negotiations more difficult.Trump has also warned that fighting could resume if no deal is reached, although he has repeatedly walked back similar threats in recent months.The disruption in the strategically important Strait of Hormuz has continued since the conflict began on February 28, three months ago, putting pressure on oil supplies around the world. Iran’s tight grip on the pipeline has wreaked havoc on economies as the route was responsible for carrying 20% ​​of the world’s energy supply.