US Blockade Slams Iranian Oil Exports by Over 80% in August

The US blockade on Iranian oil exports has taken a significant toll on Tehran's energy sales. Data from intelligence firm Kpler shows that Iran's exports have plummeted over 80% in August compared to the same month last year, dropping from 1.7 million barrels per day to just 260,000.

The decline is largely attributed to the US reimposing its blockade on July 14 after the collapse of a memorandum of understanding between the two nations. Since then, Iran has loaded 70% fewer barrels, highlighting the impact of the US economic pressure on Tehran's energy sector.

In response to the situation, Iranian Foreign Minister Abbas Araghchi called for a return to diplomacy with the US, stating that 'pressure doesn't work' and urging Washington to 'build trust, speak respectfully, acknowledge our rights, and uphold commitments.' However, President Donald Trump has rebuffed this overture, saying the US is not looking to meet or engage with Iran.

The US Treasury Secretary Scott Bessent unveiled a plan to impose secondary sanctions on those enabling Iran's economic activity, dubbed 'Operation Economic Outcast.' This move is aimed at tightening the noose around Tehran's energy sector and has significant implications for countries like China, which could be affected by these measures.