The US has blocked at least $25 billion in crude oil exports and frozen about $350 million in cryptocurrency assets, which CENTCOM says has forced the Islamic Revolutionary Guard Corps to rely on funds diverted back from its regional militia proxies. These proxies are reportedly withholding payments to their own fighters to support the cash-starved IRGC. US forces have assisted in moving 1.3 billion barrels of oil through the strait in recent months, despite 23 Iranian attacks on commercial ships since late September that killed more than 20 civilian mariners.
Tuesday, October 20, 2026
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Trump Says US Blockade Stops All Iranian Ships in Hormuz
Commodities4 days ago
Tehran has lost its ability to move commercial cargo by sea apart from shipments of humanitarian relief due to ongoing US naval operations. Admiral Brad Cooper, commander of US Central Command, reported that 400 merchant ships passed through the Strait of Hormuz in the last seven days, with US forces helping regional partners ship 100 million barrels of oil in that window. Donald Trump announced Friday that a maritime blockade is stopping every Iranian vessel from operating in the waterway.
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