U.S. Blockade Stops Iran Oil Exports for 7 Weeks
The US naval blockade successfully prevented Iran from exporting crude oil through the Strait of Hormuz for seven weeks, leading to a significant decline in its exports, especially to China, which remains one of its last major consumers. Since the re-imposition of sanctions on July 14, Iran has been unable to ship any oil to China via the strait, resulting in a buildup of crude on floating storage ships and reducing exports to around 220,000-255,000 barrels per day in August, compared to two million barrels in March. This is closely linked to a sharp decline in foreign currency revenues, which could force Iran to print more money, with inflation expected to reach 70% this year, according to the International Monetary Fund.
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