Iran Turns to Crypto as US Naval Blockade Crushes Oil Exports

A US naval blockade has crippled Iran's oil exports, with shipments plummeting to 65,000 barrels per day in May from over 2 million bpd earlier in the year. This represents a collapse of 93% and a total volume for the month of just 2.01 million barrels worth approximately $219 million.

The blockade, which kicked off on April 13, has effectively strangled Tehran's ability to move crude, creating a maritime parking lot that tells you everything about the current state of Iranian energy exports.

With traditional banking channels sealed off by sanctions and physical shipping routes blocked, Iran has turned to cryptocurrencies to keep money flowing. Bitcoin and USDT have become go-to instruments for settling oil transactions outside the reach of the conventional financial system.