A US blockade in the Strait of Hormuz has stalled dozens of Iranian tankers and disrupted export routes, raising pressure on Tehran and global oil flows.
According to the U.S. Department of Defense, Iran has foregone nearly $5 billion in revenue from oil sales due to the American blockade in the Strait of Hormuz.
According to the defense department, the blockade is viewed as a key lever for the United States in negotiations to end the war with Iran.
Since the blockade was imposed on April 13, American forces have prevented more than 40 ships from passing through the prohibited route.
Scale and Impact
In total, 31 tankers carrying 53 million barrels of Iranian oil are stranded in the gulf; their estimated value is at least $4.8 billion. Two vessels have been detained by U.S. forces.
Some tankers are choosing a more expensive and longer route to China to avoid interception by the United States, officials said.
Due to congested land storage facilities, Iran has begun using old tankers as floating storage.
“has ended”
– Donald Trump
The blockade’s impact points to Iran’s reduced access to global markets and a significant hit to the country’s oil industry, which could affect regional stability and the economy.