US believes naval blockade costs Iran $4.8 billion in oil revenue: Report

The Pentagon has estimated that Iran has suffered losses of around $4.8 billion in oil revenue due to a blockade imposed by the United States Navy on its ports, according to a report by Axios, which cited unnamed officials.

The report noted that two tankers have been seized during the course of the blockade. In addition, officials said that as many as 31 tankers carrying approximately 53 million barrels of oil are currently “stuck in the Gulf,” highlighting the scale of disruption caused to Iran’s oil exports.

According to the same officials, some vessels are now opting for “a costlier and longer route to deliver oil to China for fear of US maritime interdiction,” indicating that shipping patterns have been altered due to concerns over enforcement actions by US forces.

The blockade was imposed by the United States on Iranian ports during a temporary truce, as part of efforts aimed at pressuring Iran to accept a Pakistan-brokered ceasefire that would permanently end the ongoing conflict involving Israel, the United States, and Iran.

Iran had stated last month that it had fully reopened the Strait of Hormuz to commercial shipping following the announcement of a 10-day truce between Israel and the Iranian-backed Hezbollah in Lebanon.

However, the waterway was subsequently restricted again after the US declined to lift its blockade, maintaining that restrictions would remain in place until a permanent agreement to end the war with Iran is reached.

Meanwhile, US President Donald Trump told lawmakers that the war against Iran has “terminated,” as the military action — which was launched without Congressional approval — has reached a 60-day legal deadline.

“There has been no exchange of fire between the United States and Iran since April 7, 2026,” Trump was quoted by Politico as saying in a letter to congressional leaders.

“The hostilities that began on February 28, 2026, have terminated,” Trump said.

According to the report, the latest move is an effort to quelch the fight over the need for Congress to approve the conflict, Xinhua reported.

Under the War Powers Resolution adopted in 1973, the president — after notifying Congress of the use of military force — must terminate the action within 60 days, unless Congress authorises continued military action.

The United States and Israel launched major combat operations against Iran on February 28. The Trump administration formally notified Congress on March 2 of the military action, meaning the 60-day legal deadline would expire on May 1.