U.S President Trump Says Blocking Iranian Ships & Ports Is Profitable For His Administration

U.S President Donald Trump has said that blocking Iranian ports and redirecting ships destined to the country has proved to be extremely profitable for his government.

He said, “It’s a very profitable business. We’re sort of like pirates.”

The naval blockade imposed around the Gulf of Oman has disrupted Iranian oil exports, a major source of revenue.

Using this strategy, Washington aims to exert pressure on Tehran to reopen Hormuz and negotiate with the U.S since the talks in Pakistan failed.

Iran has condemned U.S military action as unlawful and retaliated by tightening its control over the Strait of Hormuz.

Tehran had agreed to completely reopen the Hormuz Strait if the U.S. lifts its blockade of Iranian ports and ends the war.

However, it wanted to discuss matters such as the Nuclear Programme later, something the U.S. is not ready to dismiss at the moment.

According to the Pentagon, over 40 ships suspected of carrying oil or contraband have been diverted since the blockade began.

Reportedly, 31 tankers with 53 million barrels of Iranian crude are stranded in the Gulf, with an estimated value of $4.8 billion. Additionally, two ships have been seized by US forces.

As land-based storage has reached its capacity, Iran has turned to old tankers to function as floating oil storage facilities.

A few shipments are being sent through the longer and more expensive paths to China to prevent the ships from being intercepted by the U.S.