Washington: The Persian Gulf Strait Authority, an Iranian authority overseeing shipping control in the Strait of Hormuz, has been added to the Specially Designated Nationals List in a fresh sanction move under the US Economic Fury campaign, the US Treasury Department said. 

In a press release posted on its website on Wednesday (local time), the department's Office of Foreign Assets Control claimed the Strait Authority sought to impose illegitimate tolls on commercial traffic and force vessels to follow Iranian direction in return for safe passage.

It also warned that anyone cooperating with the authority may be exposed to sanctions risk.

"The Iranian military's latest attempt to extort global maritime trade is proof that Economic Fury has left the regime desperate for cash," said US Secretary of the Treasury Scott Bessent.

On May 18, Iran launched the Persian Gulf Strait Authority, a new body to manage the Strait of Hormuz. In a statement posted on X on May 20, the authority defined its supervisory jurisdiction over the strait, noting that vessels transiting the area through the Strait of Hormuz are required to coordinate with Iranian authorities and obtain authorisation.

Earlier in the day, speaking during a cabinet meeting at the White House, US President Donald Trump said Iran had hoped political pressure tied to the upcoming midterm elections would weaken his negotiating position.

"They thought they were going to outwait me," Trump said. "I don't care about the midterms."

Regarding the ongoing negotiations, Trump said Washington is not yet satisfied with the terms under discussion and remains prepared to resume military action if its demands are not met, reports Xinhua news agency.

"We're not satisfied with it, but we will be," Trump said. "Either that or we'll have to just finish the job."

"They want to just make a deal," he said. "I don't think they have a choice."

Additionally, during the Cabinet Meeting, Trump said that Iran would not receive sanctions relief in exchange for giving up its stockpile of highly enriched uranium.

"No, no, not at all. Not sanctions relief, no," Trump said when asked if the current framework would mean Iran giving up its highly enriched uranium in exchange for sanctions relief in a brief phone interview with PBS News.

"They're gonna give up their highly enriched uranium not for sanctions relief. No, no, not at all," the president added.