US military boasts blockade of the strait of Hormuz will incapacitate Iran’s economy; Trump says negotiations could return to Pakistan
America’s blockade of Iranian ports is designed to choke off Iran’s oil revenues and force the regime back to the negotiating table – but it could have the added effect of removing almost two millions barrels of oil a day from the world market, further tightening global supply.
Data shows that Iran exported an average of 1.84m barrels per day in March, despite the ongoing war. But exports from Gulf countries that rely on the strait of Hormuz to get their oil to market have been severely curtailed by Iran’s defacto blockade of the strait since early March.
For now, the operating environment remains high risk, limiting any meaningful recovery in flows.”
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