Iran’s Oil Industry Under Pressure as U.S. Naval Blockade Begins to Bite

An Iranian energy official just conceded something in a surprise admission that the US naval blockade has begun to bite the Islamic Republic's oil industry. According to new reporting in the NY Times: The blockade has halted Iran’s oil exports, choking off crucial revenues, and the country risks running out of places to store its oil. It is also affecting the import of other goods, forcing Iran to seek alternative routes through neighboring countries and its smaller ports on the Caspian Sea. And the economic pain inside Iran, already dire…