Iran's Oil Exports Plummet to Zero Amid US Naval Blockade

A U.S.-led naval blockade has severely impacted Iran's oil exports, which have reportedly fallen to zero. According to former National Security Adviser Robert O'Brien and Treasury Secretary Scott Bessent, no Iranian crude cargoes have successfully transited the Strait of Hormuz to China since the U.S. reinstated the naval blockade.

This development has significant implications for oil prices, with WTI crude settling at $91.48 per barrel on September 1, up $4.45, or 5.1%, from the prior day. The U.S. average retail regular gasoline price was $4.071 per gallon for the week ending August 31.

The Treasury Department is tracking and freezing Iranian-linked assets in various countries, including Dubai, Cyprus, the Caymans, the British Virgin Islands, and Panama. Turkish banks have also been sanctioned over Iran dealings.