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Iran is facing mounting economic and military pressure as inflation nears 90%, crude exports are squeezed by a US blockade and its leverage over the Strait of Hormuz weakens.
Tehran’s shrinking export revenues raise the risk of renewed disruption to Hormuz, threatening 13 million b/d of oil flows and a fresh global price shock.
China halted refined petroleum exports this month, jolting global fuel markets, as Trump touted an $8.4 billion oil project with South Korea.