US naval blockade costs Iran $4.8B, Pentagon says

A US naval blockade aimed at restricting Iranian oil exports has resulted in an estimated $4.8 billion loss in revenue for Tehran, a Pentagon official told The Hill, citing a Defence Department assessment first reported by Axios.

The blockade, launched on April 13 in and around the Strait of Hormuz, is part of pressure measures ordered by US President Donald Trump amid stalled negotiations with Iran.

In a statement, acting Pentagon press secretary Joel Valdez said the operation is continuing at full intensity. “The United States’ blockade in the Strait of Hormuz is operating with full force and delivering the decisive impact we intended. We are inflicting a devastating blow to the Iranian regime’s ability to fund terrorism and regional destabilization,” he said.

He added that US forces would maintain pressure in the region. “Our Armed Forces in the region will continue to maintain this unrelenting pressure,” Valdez said.

According to US Central Command, American forces have turned away 45 commercial vessels since the start of the operation. At the same time, Iran has restricted movement through the strait, while US forces have also intercepted vessels in the Gulf of Oman.

The development comes as Trump informed Congress that a ceasefire arrangement with Iran extends the timeline under the War Powers Act, following the start of the conflict on February 28. He was briefed on Thursday by CENTCOM commander Brad Cooper and Joint Chiefs Chairman Dan Caine on available military options.

“There are options. Do we want to go and just blast the hell out of them and finish them forever or do we want to try and make a deal?” Trump told reporters on Friday, adding that he preferred a negotiated outcome.