US Blockade Stalls Iran Oil Exports
A US naval blockade has successfully cut off Iran's main source of foreign-currency earnings by preventing it from shipping oil through the Strait of Hormuz, a key waterway.
For the first time on record, Iran has gone about seven weeks without shipping meaningful crude exports through the Strait of Hormuz, according to Reuters.
The blockade has been in place since August and has had a significant impact on Iran's oil exports. The country relies heavily on oil revenues to fund its economy.
Iran's oil exports have been under pressure for years due to US sanctions, but the blockade has been more effective in reducing exports than the sanctions. The Strait of Hormuz is a critical chokepoint for global oil supplies and Iran's main route for exporting crude.