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Senate Committee Backs SHIP Act to Curb Iran’s Oil Revenue Amid Rising Tensions in the Middle East

The Senate Foreign Relations Committee has endorsed legislation designed to prevent Iran from profiting from its oil trade revenue. The “Stop Harboring Iranian Petroleum (SHIP) Act’s markup was held prior to Iran’s attack on Israel, which could increase its chances for consideration in the full Senate. The House has already passed a companion legislation, H.R. 3774, in a 342-69 vote. The bill’s lead sponsors are Reps. Mike Lawler (R-N.Y.) and Jared Moskowitz (D-Fla).

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