US Struggles to Cut Off Iran's Oil Revenue Without Spiking Global Prices

The US Treasury Department's Operation Economic Outcast aims to cut off Iran's oil revenues without spiking global prices, but the effort is proving challenging.

Last week, Washington launched a new sanctions campaign targeting Iran's financial, shipping, and trading networks used for oil sales and money transfers.

Despite these efforts, Iran has still managed to sell oil and earn significant revenue, with $7.5 billion in oil revenues transferred to the central bank during the first four months of the current Iranian year, according to Fars News Agency.

The funds would cover the government's foreign-currency expenditures from July through December, exceeding projected budget requirements for the period.