May 28 (UPI) -- The U.S. Treasury announced late Wednesday that it has sanctioned an Iranian entity, newly created to oversee and manage the Strait of Hormuz, as the Trump administration seeks to force Tehran to relinquish control over the vital energy trade route.

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.

The United States has imposed new sanctions on Iran’s Persian Gulf Strait Authority, escalating economic pressure on Tehran amid ongoing tensions over the Strait of Hormuz. An update published...