Home NewsIran faces a major economic crisis as naval blockade by US Navy hits Tehran hard, causing massive loss of USD 4.8 billion, Trump now plans to…
“They want to make a deal, I’m not satisfied with it, so we’ll see what happens. At this moment, I’m not satisfied with what they’re offering,” Trump told reporters Friday at the White House.
Published: May 3, 2026 7:29 AM IST
Iran faces a major economic crisis as naval blockade by US Navy hits Tehran hard (AI Generated)
New Delhi: A naval blockade carried out by the US Navy has dealt a major blow to Iran, pushing Tehran into a deep economic crisis, according to a report by Axios. The report has stirred global political and economic circles. It further stated that a sharp decline of USD 4.8 billion in oil revenue has deepened Tehran’s economic crisis. US officials say the impact of the blockade is clearly visible on the ground.
It is important to note that currently, around 53 million barrels of oil aboard 31 tankers are stranded in the Gulf. The seriousness of the situation can be gauged from the fact that two tankers have already been seized. Cargo ships are now taking longer and significantly more expensive routes to deliver oil to China, fearing US action.
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Experts are of the opinion that the key trade routes such as the Gulf of Oman and the Strait of Hormuz have now become nothing short of an impregnable fortress for Iran. This entire effort is aimed at pressuring Iran to accept a ceasefire, which is being mediated by Pakistan.
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Here are some of the key details:
The blockade will not be lifted until a permanent agreement is reached to end the ongoing conflict between Israel, the US, and Iran.
“This operation is a devastating blow to the Iranian regime’s ability to fund terrorism and spread instability,” Pentagon Acting Press Secretary Joel Valdez said
Iran had recently claimed to have reopened the Strait of Hormuz, the firm stance of the United States has dashed those hopes.
This ongoing game of strategic moves at sea now stands at a decisive turning point.
Washington has approved the sale of weapons worth over USD 8.6 billion to key West Asian allies such as Israel, Qatar, Kuwait, and the UAE.
As per the US State Department, this decision has been taken amid heightened regional tensions due to the prolonged conflict with Iran.
This approval comes in the ninth week of the war with Iran and three weeks after the recent ceasefire, with the aim of strengthening regional security.
Donald Trump not satisfied with the fresh Iran proposal to end war
In a significant development, Iran has submitted a fresh proposal to the US to end the two-month war as the Strait of Hormuz, but US President Donald Trump said he is “not satisfied”.
“They want to make a deal, I’m not satisfied with it, so we’ll see what happens. At this moment, I’m not satisfied with what they’re offering,” Trump told reporters Friday at the White House.
The new proposal came amid Trump’s claims that Iran was dying to make a deal to end the war as its economy was in dire straits after Washington unleashed Economic Fury against Tehran. No details were immediately available about the new proposal by Iran.
Earlier, Tehran had offered to reopen the Strait of Hormuz and end the war, but wanted to postpone the negotiations on its nuclear programme to a later date.