While the U.S. has effectively blockaded Iranian vessels in their ports, the Strait of Hormuz remained bottled up with thousands of seafarers stranded on hundreds of vessels. Only four commodity ships sailed along the strait on Thursday, none of them large crude carriers or liquefied natural gas tankers, ship-tracking data showed.
U.S. Energy Secretary Chris Wright said the U.S. military helped move a seven-day average of 8 million barrels a day of oil through the strait. That's down from more than 20 million per day before the war or about one of every five barrels consumed worldwide.
U.S. attacks have severely diminished Iran's economy and devastated its navy and air force, but Tehran maintains enough missile and drone capability to impede oil tanker traffic and attack regional rivals.
Trump, meanwhile, has yet to achieve objectives he set at the start of the war such as dismantling Iran's nuclear programme - the state of which remains uncertain given that U.N. inspectors have been shut out since 2025 - and creating conditions for Iranians to overthrow their clerical rulers.
Thousands have been killed, including 168 Iranian school children on the first day of the war. The U.S. has reported more than 750 military personnel wounded and 18 killed.
The chief of staff of Iran's armed forces, Major General Ali Abdollahi, promised on Friday that Iran would respond to enemy threats militarily with "crushing, punishing and devastating responses.”
Still, President Masoud Pezeshkian called for a diplomatic solution.
"It would be better to end the war today, when we are powerful and have dignity, and the whole world acknowledges our victory and emphasizes that America, contrary to all regulations, attacked our schools, hospitals, and infrastructure and is hated in the world," Pezeshkian said, according to the ISNA news agency.
Iran's parliament speaker, Mohammad Baqer Qalibaf, the country's main negotiator in mediated talks with the U.S., acknowledged the strain on Iran's economy in comments to Iranian and Iraqi businesspeople late on Thursday.
"No matter how much military power we have, we won't survive if people are hungry and we don't have financial turnover, economic growth and national production," Qalibaf said, according to official news agency IRNA.
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