The U.S. blockade of the Strait of Hormuz has cost Iran nearly $5 billion in oil revenue, according to estimates by the Pentagon, Axios reported.
President Donald Trump told the news outlet Wednesday that he is maintaining the blockade of the world's most critical waterway for global energy transportation until Iran agrees to a deal over its nuclear program.
With its oil trade constrained, Iran is seeing less hard currency flow back into an economy mauled by weeks of war, months of unrest, and decades of international sanctions.
But with fewer tankers shipping Iranian oil, the effects of the Strait of Hormuz blockade are only being magnified, leading to shortages of jet fuel and rising gasoline prices around the world.
The U.S. began its blockade on April 13 and has redirected more than 40 vessels that have tried to pass through. Iran responded by threatening and harassing vessels, creating a "dual blockade" scenario that has significantly disrupted global energy markets.
"We are inflicting a devastating blow to the Iranian regime's ability to fund terrorism and regional destabilization," Joel Valdez, acting Pentagon press secretary, told Axios.
"Our armed forces in the region will continue to maintain this unrelenting pressure."
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
© 2026 Newsmax. All rights reserved.