US blockade causes Iran's crude oil exports in May to drop to 6-year low

According to The Paper and Kpler data, the US Navy blockade resulted in Iran's crude oil and condensate exports in May dropping to less than 300000 barrels per day, the lowest level since late 2019 to early 2020. Previously, the export volume was close to 2 million barrels per day. Based on an estimate of $90 per barrel, the average daily export revenue in May was about $270 million, with a total revenue of about $837 million, far lower than the $5.13 billion in March and $3.62 billion in April. According to Al Jazeera, if calculated based on March's income level, Iran has lost approximately $5.8 billion in April and May.