US weighs tightening economic pressure on Iran
WASHINGTON
Washington is considering intensifying economic pressure on Iran amid stagnation in negotiations with Tehran, with U.S. President Donald Trump instructing his aides to prepare for an extended blockade, a media report has said.
According to the Wall Street Journal, Trump does not believe that Iran is negotiating in good faith and hopes it can be forced to suspend uranium enrichment for 20 years and accept tight restrictions thereafter.
Trump has told U.S. national security officials to prepare for a long blockade of Iran's ports in order to compel Tehran to give up its nuclear program, the Journal said.
Citing U.S. officials, the report said that in recent meetings, Trump opted to continue squeezing Iran’s economy and oil exports by preventing shipping to and from its ports.
He assessed that his other options, resume bombing or walk away from the conflict, carried more risk than maintaining the blockade, the report said.
Iran's national rial currency hit a record low on April 29 of 1.8 million to $1, as a U.S. naval blockade of the country’s ports continued.
Iran largely blocked all shipping apart from its own from the Gulf through the Strait of Hormuz, a chokepoint for global energy supplies, since the war began on Feb. 28. This month, the U.S. began blockading Iranian ships.
On April 29, Trump warned Iran to "better get smart soon" as he posted an AI-created photo of himsels.
"Iran can't get their act together. They don't know how to sign a nonnuclear deal. They better get smart soon!" the U.S. leader posted on his Truth Social platform, alongside an illustration of Trump holding an assault rifle, with the caption "NO MORE MR. NICE GUY!"
Iran turns to emergency oil storage
Iran is struggling to export oil amid a blockade and is looking for alternative storage and transport methods, according to the Wall Street Journal. With exports sharply reduced, Tehran is reportedly refurbishing old “idle depots,” using shipping containers and even considering storing crude on tankers at sea.
Data from Kpler showed exports fell from about 2.1 million barrels per day in early April to 567,000 barrels after the U.S. blockade.
Analysts warned that limited storage could force Iran to further cut production, with “tank tops” possibly reached within weeks.
To cope, Iran is also exploring rail transport to China and expanding storage at southern hubs like Ahvaz and Asaluyeh, though these measures are seen as costly and inefficient compared to normal shipping routes.