Iran's May crude exports sink to six-year low as U.S. naval blockade bites

Kpler data cited by The Paper shows U.S. naval blockades pushed Iran's crude oil and condensate exports in May below 300,000 barrels a day, the weakest level since late 2019 to early 2020. Shipments had previously been close to 2 million barrels a day. Using an estimated price of $90 a barrel, Iran's May export proceeds were about $270 million per day, taking the month's total to roughly $8.37 billion. That compares with $5.13 billion in March and $3.62 billion in April. Al Jazeera estimated that, measured against March's revenue pace, Iran forfeited around $5.8 billion across April and May.