Iran sets up the Persian Gulf State Authority: US Treasury extends sanctions-relief to Russian oil tankers

May 18, 2026

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Negotiations between the US and Iran remain in deadlock and may get even muddled after the Iranian regime has set up the Persian Gulf state Authority. The PSGA has announced that navigation through the Strait of Hormuz, in its delineated boundaries, will be contingent by its permission.

Both the US and Iran remain blockading each other with Western ships unable to pass, although vessels from the Iranian side have passed through with their transponders switched off.

US President Donald Trump said that the leaders of Saudi Arabia, Qatar and the United Arab Emirates are holding him back with their advice not to strike the Iranian regime, but President Trump again warned the regime that US strikes will resume if it does not accept his terms for a deal.

Meanwhile, the US Treasury has extended the sanctions-reprieve on Russian oil at sea. The US Treasury announced this reprieve at the start of the war against Iran in what it claimed to be an attempt to alleviate pressure on oil prices.