Iran’s oil blockade leverage weakens as U.S. keeps Gulf crude flowing
Iran's attempt to pressure global oil markets by restricting traffic through the Strait of Hormuz is losing impact as the U.S. helps Gulf producers keep crude moving. About 5 million barrels a day of crude, almost none Iranian, passed through the strait during the latest 28-day period, and another 2.5 million barrels a day moved through Gulf of Oman ports. Economic pressure inside Iran is mounting, with the rial falling, inflation rising, and gasoline shortages common.
Why it matters: This relates to the theme of energy security, as the reduced effectiveness of Iran's blockade and the continued flow of Gulf crude affect global oil supply and prices.