Eighteen million barrels of oil are now passing through the Strait of Hormuz, according to President Donald Trump.
The oil transiting the Strait is now 90% of its pre-conflict level. The daily average prior to the conflict was 20 million barrels.
The news comes just a couple of days after the U.S. launched retaliatory strikes against Iran along the Strait of Hormuz after the Islamic Republic attempted to attack U.S. bases in the region and commercial ships transiting the Strait.
Earlier in the week, Trump declared, “Iran is officially a failed nation. It is dead” in a social media post.
The president has said that Iran is dealing with 300% inflation and is unable to pay its military and police.
Videos circulating on social media claiming to be taken inside Iran show miles-long lines for gas, as the U.S. continues to enforce a full naval blockade on Iranian ports. The Trump administration claims the blockade is costing the Islamic Republic between $400 million and $500 million in economic losses a day, coupled with intense sanctions meant to squeeze the country financially.
The Pentagon says it has spent nearly $40 billion on military operations in Iran, though many independent analyses estimate the true amount is at least double, since the conflict began Feb. 28.