What happened
Iran's control over the Strait of Hormuz is weakening, and crude oil exports are increasing. In September, 19 large oil carriers transported around 38 million barrels of oil through the strait. This rebound in oil exports comes as Iran's economy continues to deteriorate.
The Strait of Hormuz, which transports about 20% of the world's oil supply, was nearly closed off by Iran after US-Israeli strikes began in February. However, recent data shows that crude oil exports from the Middle East have recovered to around 80% of pre-military operation levels.
The Iranian regime has attempted to use rising gas prices to pressure the US into ending the military conflict. Meanwhile, Iran's currency, the Rial, has crashed, putting additional financial pressure on the country. Iranian leaders are reportedly in talks with mediators from Qatar to resume negotiations with the US about a potential peace deal.
US officials, including President Donald Trump and Secretary of State Marco Rubio, have commented on the situation, with Trump predicting that Iran will wait until after the midterm elections to approve a peace deal. Rubio praised the US economic embargo against Iran, stating that it prevents the country from accessing funds that could be used to harm Americans and others.
