How the US naval blockade has bled Iran of nearly $6bn in oil revenues
Summary
The United States started a naval blockade on Iran’s ports in April to pressure Iran during peace talks. This blockade has caused Iran’s oil exports to drop to their lowest in six years, cutting Iran’s oil income by billions of dollars.Key Facts
- The US naval blockade began on April 13 as part of President Donald Trump’s effort to negotiate a peace deal with Iran.
- Iran’s crude oil exports fell from about 2 million barrels per day in March to under 300,000 barrels per day in May.
- Oil exports are about 80% of Iran’s total exports and a main source of income.
- Iran previously closed the Strait of Hormuz, a key shipping route for oil, which caused global oil prices to rise.
- Despite earlier benefits from high oil prices, the blockade severely reduced Iran’s ability to export crude oil.
- Iran’s oil revenues dropped by about 84% from March to May, losing around $5.8 billion in April and May combined.
- China is Iran’s largest customer, and the blockade has especially affected oil sales to China.
- Iran has condemned the blockade as illegal and called US ship seizures “piracy.”
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