The blockade is costing Iran billions of dollars

The Pentagon has estimated Iran’s losses at about $4.8 billion in oil revenues as a result of the naval blockade imposed by the U.S. Navy on its ports, according to Axios, citing unnamed Defense Department officials.

The officials said two oil tankers had been seized during the blockade period, while 31 tankers, carrying about 53 million barrels of oil, remain stranded in the Gulf.

They added that some ships have begun taking longer and more costly routes to transport oil to China in order to avoid being intercepted by the U.S. Navy.