The U.S. naval blockade has successfully halted Iranian crude oil shipments through the Strait of Hormuz for ~7 weeks—historically unprecedented. Iran's exports to China (its sole remaining buyer) have dropped from 2M to 220,000–255,000 barrels/day, severing a critical foreign currency source and pressuring Tehran's budget. The blockade is being enforced via a new "ship-for-ship" policy under President Trump, where the U.S. retaliates against Iranian tanker attacks by targeting Iran's government oil tankers and military infrastructure. Global oil market dynamics could shift if sanctions escalate further.