NextFin News -- The European Union has announced sanctions against some Iranian officials and entities as the escalating Iran conflict is rattling the globla energy market and pushing up oil prices.

The EU Council has issued a communiqué stating that it has decided to impose sanctions on 16 individuals and three entities from Iran, which include measures such as asset freezes and travel bans.

According to the communiqué, those targeted by the sanctions include the deputy minister of the interior responsible for security and law enforcement, several local commanders of the Islamic Revolutionary Guard Corps, personnel from the judiciary and prison systems, the head of Tehran's cyber police, as well as information technology service companies.

The communiqué noted that EU restrictive measures against Iran currently involve 263 individuals and 53 entities. These measures include asset freezes, prohibitions on providing funds or economic resources, and bans on relevant individuals traveling to or transiting through EU.

Explore more exclusive insights at nextfin.ai.

Trump Announces Plans for a “straight 50% Tariff” on the EU