US naval blockade cuts Iran's oil exports to six-year low, reducing revenues by nearly $6 billion
By
Caolán Magee
1mo ago· 7 min readenNews
Summary
Iran's crude oil exports have dropped to their lowest level in at least six years, falling below one-sixth of pre-war levels, due to a US naval blockade initiated on April 13. The blockade is part of President Trump's strategy to pressure Iran into a peace deal, while Iran condemns the action as illegal "piracy." The US action followed Iran's closure of the Strait of Hormuz, and the economic pressure is severely impacting Iran's primary revenue source amid a fragile ceasefire between the two nations.
Source
bskyUS naval blockade cuts Iran's oil exports to six-year low, reducing revenues by nearly $6 billionaljazeera.comKey quotes
· 3 pulledIran's crude oil exports fell to their lowest level in at least six years in May, as a United States naval blockade squeezes Tehran's most important source of income amid a fragile ceasefire between the two nations.
The blockade on Iran's ports, which Washington commenced on April 13, is part of President Donald Trump's effort to pressure Iran to agree to its terms for a peace deal.
Tehran has condemned the move as illegal and described the US seizure of ships around its ports as an act of 'piracy'.
Iran is exporting less than one-sixth of the oil it was shipping before the war began.
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