US Blocks Iran Oil Exports via Hormuz, Tankers Test Blockade

The United States has announced a naval blockade of the Strait of Hormuz to stop Iran's oil exports, part of a renewed effort to cut off revenue to Tehran. The move follows the US Treasury's decision not to renew temporary sanctions waivers for Iran's oil buyers.

On the first day of the blockade, several US-sanctioned oil tankers — including one linked to China — successfully passed through the strait, according to shipping data. Iran is estimated to lose between $150 million and $435 million per day in oil revenue as a result of the blockade, which ends a period where Iran had been earning roughly $9 billion from oil sales.