Iran Threatens to Cut Oil Exports Amid US Sanctions Escalation

The US has threatened to impose 'the toughest sanctions in history' on Iran, sparking concerns of a new escalation in the Gulf.

Mohsen Rezaei, former IRGC chief and secretary of Iran's Supreme National Security Council, warned that if economic pressure continues, 'not a single drop of oil will be exported', either through the Strait of Hormuz or from anywhere in the Gulf.

Iran has already restricted shipping through the Strait of Hormuz, with some oil tankers still trying to navigate the waterway despite low volumes. The country has also blacklisted 45 tankers that failed to comply with its rules for shipping through the strait.

Tehran's Houthi allies have targeted Red Sea shipping, restricting vessels from passing through the Bab el-Mandeb strait past their Yemeni stronghold. This has led Chinese shipping companies to reroute away from the area.