The U.S. Naval blockade of the Persian Gulf to counter Iran’s own blockade of oil tankers passing through the Strait of Hormuz is already having an impact on U.S. crude exporters.
One observer said Trump’s implementation of the naval blockade had the potential for an “economic obliteration” just as the US and Israeli war planes did the same to Iran’s military and missile program. It means the US blockade of Iranian ports, which began on Monday, could cut off an estimated $150 million to $375 million a day in oil revenue for Tehran, a country that heavily relied on the money to finance the war and keep its economy afloat.
During Iran’s estimated 40-day strong-arm tactics against shippers through the Strait of Hormuz, it reaped an estimated $9 billion in requiring passage fees of about $2 million per ship. The country shipped nearly 1.85 million barrels a day of oil over the past seven weeks.
Now without the ability to move its own oil out of the region, Iran will be suffering.
According to Business Energy, there is also the question of just how much longer Iran’s government can exist without funding. Its capacity of oil in storage, including the well-known Khard Island where refineries and storage tanks are located, might last another month before the country could be bankrupt.