US treasury chief: Iranian oil exports plummet, no shipments to China via Hormuz
US Treasury Secretary Scott Besant says Iranian oil exports are rapidly declining, with no shipments to China via the Strait of Hormuz since sanctions resumed.
US Treasury Secretary Scott Besant has reported a significant decline in Iranian oil exports, with no shipments to China passing through the Strait of Hormuz since sanctions were re-imposed. Besant stated that the lifeline for Iranian oil exports has been severed and that no Iranian oil shipments have traversed the Strait of Hormuz to China since the sanctions were reinstated.
The US official added that the United States is maintaining pressure on the Iranian economy, declaring, "We will strangle the Iranian economy," and noting that Iran's oil revenues are rapidly diminishing. He explained that Iran is having difficulty offloading its oil stocks, as crude accumulates on tankers stranded in the Strait of Hormuz.
Besant emphasized that the continued presence of these shipments makes it increasingly challenging for Iran to replenish its oil reserves, given the ongoing pressure on its exports and revenues. The halt in Iranian oil shipments through the Strait of Hormuz to China since the reimposition of sanctions represents a major development for one of Iran's most crucial export routes.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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