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🇮🇱 Israel /Economy & Trade

US blockade costs Iran $4.8 billion, US Navy acting 'sort of like pirates,' Trump says - report

From Jerusalem Post · (5m ago) English Critical tone

Summarized and contextualized by DistantNews.

TLDR

  • The US Department of Defense estimates Iran has lost nearly $5 billion in oil revenue due to the US blockade of the Strait of Hormuz, with over 40 vessels redirected and two seized.
  • Iran is reportedly running out of oil storage capacity, potentially within 15 to 60 days, which could create conditions favorable for a US-Iran agreement.
  • Former US President Donald Trump described the US Navy's actions as "sort of like pirates" due to the seizure of Iranian oil and cargo.

The United States' naval blockade of Iran, particularly around the Strait of Hormuz, is having a significant and costly impact on the Islamic Republic's oil revenue. According to Pentagon officials, the blockade, which began on April 13th, has led to the redirection of over 40 vessels carrying oil and other contraband. Two ships have been seized, and 31 tankers laden with 53 million barrels of Iranian oil, valued at over $4.8 billion, are reportedly stuck in the Gulf of Oman.

The blockade is working to perfection. There is no economic trade going into or out of Iran.

— US officialDescribing the effectiveness of the US naval blockade on Iran's oil trade.

This aggressive stance by the US military is not only disrupting Iran's oil exports but also exacerbating its storage capacity issues. Reports suggest that Iran may exhaust its storage facilities within 15 to 60 days. This critical situation could potentially push Iran towards a more amenable position for negotiations with the US, as the economic pressure mounts.

The effectiveness of the blockade was underscored by a US official who told The Jerusalem Post, "The blockade is working to perfection. There is no economic trade going into or out of Iran." This statement highlights the comprehensive nature of the US strategy to cripple Iran's oil-dependent economy.

The US Navy was acting "like pirates" in carrying out Washington's naval blockade of Iranian ports during the US and Israel's war against Iran.

— Donald TrumpFormer US President's description of the US Navy's actions during the blockade.

Adding a controversial layer to the US actions, former President Donald Trump characterized the US Navy's operations as "sort of like pirates." His remarks, made while discussing the seizure of a ship and its cargo, suggest a critique of the methods employed, even as the blockade appears to be achieving its intended economic objectives. The Jerusalem Post will continue to monitor this developing situation and its implications for regional stability and international relations.

We took over the ship, we took over the cargo, we took over the oil. It's a very profitable business. We're like pirates. We're sort of like pirates, but we are not playing games.

— Donald TrumpFurther elaboration by former US President Trump on the US Navy's seizure of Iranian assets.
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Originally published by Jerusalem Post. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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