Iran’s oil lifeline is collapsing as exports plunge 85%

Iran’s oil shipments are plunging, tanker reserves are rapidly shrinking, and China is seeking alternative suppliers.Iran’s economy is coming under increasing pressure as damage to its oil exports, a weakening currency and shrinking access to foreign currency threaten one of Tehran’s most important sources of revenue. According to a report published Wednesday by Independent Arabia, the U.S. naval blockade of Iranian oil exports has significantly reduced Tehran’s ability to move crude from the Persian Gulf to international markets. The report said that since the blockade was renewed in mid-July, no major new shipments of Iranian crude have managed to pass...