Iran/Hormuz Crisis and Sanctions Enforcement

U.S. strikes paused; Strait of Hormuz remains closed. OFAC continues aggressive sanctions targeting IRGC-linked networks, shadow tankers, and evasion schemes (SeaLead collapse, $8B recovery). New: OFAC sanctioned Dubai crypto exchange Shelbit for aiding IRGC. Former U.S. ambassador Sievers provides diplomatic context on Iran-Oman talks. Indirect talks via mediators stalled; intra-regime split deepens. Houthi maritime attacks escalate. Saudi reaffirms U.S. partnership. Market odds for normalization low.