Commodities
US Blocks All Iranian Oil Exports for First Time
The US Treasury has announced that Iran loaded zero crude oil onto tankers in September. The claim was made by Secretary Scott Bessent on social media platform X, stating that the Trump Administration is cutting off the Iranian regime's most critical source of revenue.
The blockade of Iranian ports, which began in April, aims to thwart Iranian exports, with a significant portion going to China. The move has deepened Iran's inflation crisis but has also been marred by reports of ships passing through the blockade despite US efforts to contain them.