Conflict & Security
US says naval blockade has halted Iran's seaborne oil exports
October 23, 2026 at 05:06 PM
US officials announced the naval blockade has halted Iran's seaborne oil exports, with Kharg port emptied of tankers and Strait of Hormuz traffic continuing.
- US Treasury Secretary Scott Bessent announced Iran can no longer export oil by sea, with the main Kharg export port empty of tankers.
- Bessent said the naval blockade and financial pressure exhausted Iran's reserves stored at sea within less than two months.
- President Trump said the US fully controls the Strait of Hormuz and that oil crossing it exceeds pre-conflict levels.
- Trump said the US can control all of Iran's oil and all of Iran, and that Iran's inflation exceeds 300 percent.