"Iran's armed forces have called the US naval blockade an illegal act that amounts to piracy, indicating the severity of the situation for the Iranian economy."
"The near-shutdown of the Strait of Hormuz, through which 20 percent of the world's oil and gas supplies pass, has sent global oil prices soaring."
"Iran's oil exports through the Strait of Hormuz account for about 80 percent of its total exports, highlighting the strait's critical importance to its economy."
Iran's oil exports reached nearly $5 billion in the past month, even as the US implemented a naval blockade to pressure Tehran. The blockade, deemed illegal by Iran, began on Monday and threatens to damage the Iranian economy significantly. Iran primarily exports oil and gas through the Strait of Hormuz, which has been effectively controlled by Tehran. Despite the blockade, Iran's oil exports increased, with 1.84 million barrels per day exported in March and 1.71 million barrels per day in April.
Read at www.aljazeera.com
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