Hormuz sanctions risk starts before payment — the OFAC warning every operator needs to understand

OFAC has issued a warning (effective 1 May 2026) that sanctions risk for Strait of Hormuz transits begins before any payment, covering vessel clearance coordination, information sharing with Iranian authorities, and escort acceptance linked to IRGC-designated entities. Operators transiting or waiting near the Strait face compounding sanctions, insurance, and charterparty exposure, with war-risk premiums volatile following military incidents and a naval cordon in place since 12 April 2026.