US Weakens Iran's Grip on Strait of Hormuz, but War Drags On
The US has weakened Iran's control over the Strait of Hormuz and nearly halted its oil exports, but the war shows no signs of ending. Oil prices have risen as a result of attacks on Saudi Arabia by Iran-backed Houthi forces in Yemen.
According to Homayoun Falakshahi, an oil expert at Kpler, a US blockade has nearly stopped Iran's exports while the American military has helped increase exports by Gulf countries.
Falakshahi found that Iran's oil exports fell from 1.85 million barrels a day last spring to around 255,000 in August, while non-Iranian oil exports rose from 300,000 barrels a day at the height of the war to 8.4 million in September.
The prolonged conflict is proving costly for both sides, with Brent crude going above $100 a barrel this week and diesel prices hitting a record.