Iranian economy

Although 14 to 15 million barrels of oil passed through Hormuz per day before the war, an expert told the Post that it was entirely possible to manage without much of that supply.

Despite the apparent success of the US’s blockade and sanctions campaign, Iranian officials have repeatedly expressed that they would not falter in maintaining control over the Strait of Hormuz.

"We will avoid our chartered vessels dealing in STS or anything to do with non-compliant ships for Middle Eastern cargoes," said one of the sources, who works at an Indian refinery.

The US State Department's Rewards for Justice offered a bounty of up to $10m. for information on five IRGC leaders, including Majid Khademi, who was killed by an Israeli strike in April.

Pakistan's army chief Asim Munir discussed regional peace and ways to reach a negotiated settlement to disputes, the statement added.

Sanctions targeted Iranian individuals and companies that facilitated the trade of petroleum and petrochemical products with Iran or supported military action against US forces.

"Any remaining tie to Tehran will hasten the economic ostracism of countries and entities, whether that tie be purposefully constructed or wilfully ignored."

The objective is not to destroy Iran. It is to bankrupt the regime that has stolen Iran's future, financed terror across the Middle East, and kept its own people in chains.

"In the past month or two, we sold seventy million barrels of oil," he said. "Now every day we sell oil to American ships on that side, as much as we produce."

Trade sources say Iranian crude offers to China have declined and prices have risen as Washington's blockade disrupts Tehran's oil shipments.