US treasury chief: Iranian oil exports plummet, no shipments to China via Hormuz

US Treasury Secretary Scott Besant has said that Iranian oil exports are experiencing a sharp decline, claiming the "lifeline" for these exports is being cut off, and that no Iranian oil shipments have passed through the Strait of Hormuz to China since sanctions were reimposed.

Besant added that the United States is continuing to exert pressure on the Iranian economy, stating, "We will strangle the Iranian economy," and noting that Iran's oil revenues are "rapidly diminishing."

The Treasury Secretary explained that Iran is struggling to offload its oil stocks, with crude accumulating on tankers stuck in the Strait of Hormuz.

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He said that the continued presence of these shipments increases the difficulty for Iran to replenish its oil reserves, as pressure on its exports and revenues persists.

According to Besant, the halt in Iranian oil shipments through the Strait of Hormuz to China since the reimposition of sanctions marks a significant development for one of Iran's most important export routes.