The Pentagon has estimated that Iran has incurred losses of about $4.8 billion in oil revenue due to a blockade imposed by the United States Navy on its ports, according to an Axios report citing unnamed officials.
The report added that two tankers have been seized during the course of the blockade. Officials also indicated that nearly 31 tankers carrying around 53 million barrels of oil are currently stranded in the Gulf, highlighting the extent of disruption to Iran’s oil exports.
As per the same officials, some vessels are now choosing “a costlier and longer route to deliver oil to China for fear of US maritime interdiction,” showing that shipping patterns have been changed due to concerns over enforcement actions by US forces.
The blockade on Iranian ports was imposed by the United States during a temporary truce, as part of efforts to pressure Iran into accepting a Pakistan-brokered ceasefire aimed at permanently ending the conflict involving Israel, the United States, and Iran.
Last month, Iran had announced that it had fully reopened the Strait of Hormuz to commercial shipping following the declaration of a 10-day truce between Israel and the Iranian-backed Hezbollah in Lebanon.
However, the waterway was later restricted again after the United States refused to lift its blockade, maintaining that the curbs would stay in place until a permanent agreement to end the conflict with Iran is reached.
Meanwhile, US President Donald Trump told lawmakers that the war against Iran has “terminated,” noting that the military operation, launched without Congressional approval, has reached the 60-day legal deadline.
“There has been no exchange of fire between the United States and Iran since April 7, 2026,” Trump was quoted by Politico as saying in a letter to congressional leaders.
“The hostilities that began on February 28, 2026, have terminated,” Trump said.
According to the report, the latest move is aimed at defusing the dispute over whether Congressional approval is required for the conflict, Xinhua reported.
Under the War Powers Resolution adopted in 1973, the president, after informing Congress of the use of military force must end such action within 60 days unless lawmakers authorise its continuation.
The United States and Israel launched major military operations against Iran on February 28. The Trump administration formally notified Congress on March 2, setting May 1 as the deadline for the 60-day legal limit.
