U S Still Enforcing Blockade as Trump Meets Xi 69 Ships Excluded

The U.S. naval blockade of Iranian ports directly restricts Iran's crude oil exports, removing ~1.5 million barrels per day from global supply (at ~$90/bbl). This creates a supply shortage for global oil markets, particularly affecting Asian refiners that are major importers of Iranian crude. The blockade also raises tanker freight rates and war risk insurance premiums. The meeting with Xi Jinping suggests potential diplomatic dimensions but does not alter the immediate physical disruption. Impact is global via oil prices, but region-specific for Iran's customers (China, India, Turkey, etc.).