Peloini
Kharg Island, 1973. Photo by Unknown author – Private collection, Public Domain, Link
In a recent FT article by Malcolm Moore and Andrew England, it was revealed that the renewed US naval blockade of Iran has effectively halted oil exports from Kharg Island, Iran’s main crude-export terminal. No tankers have reportedly loaded there since July 31, and shipping and satellite data indicate sharply reduced tanker activity.
Somewhere near 90% of Iran’s crude exports passes through Kharg Island, indicating that the disruption is translating into significantly increased economic pressure on the regime in Tehran. Iran continues to receive revenue from its oil shipments which were shipped before the blockade was recently reintroduced, but those revenues are expected to run dry in the coming weeks.
Iran also appears to be simultaneously cutting oil production as its storage tanks at Kharg are not filling rapidly, while empty tankers are avoiding Iranian waters. Despite the economic consequences of doing so, analysts believe that Iran may be willing to endure substantial losses because it sees control over the Strait of Hormuz as its greater strategic advantage.
https://www.ft.com/content/6bc9c93d-1b75-4512-8bc2-ba33cc3c4a53?syn-25a6b1a6=1
Assuming that the conclusion is correct, Iran is counting on the revenues from the toll booth rather than oil sales. The oil sales can be disrupted, but if the toll booth works, they may have calculated that a dove in the hand is better than a whole flock of them directly overhead.