Iran, Russia Boost Oil Revenues as US Seizes Vessels
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- Iran closed the Strait of Hormuz on Monday, halting Indian vessel traffic and prompting a Bitcoin rally.
- Russia posted a record current‑account surplus in the first year of the Ukraine war, bolstering its “fortress economy.”
- Scott Bessent issued a sanctions general license permitting sales of Iranian oil already on board vessels to alleviate global supply concerns.
- Abbas Araghchi conducted shuttle diplomacy to Oman and Moscow on Monday, seeking coordination with Russia amid U.S. pressure.
- U.S. launched a counter‑blockade of the Strait of Hormuz, seizing Iranian vessels to choke Iran’s oil revenue.
Why it matters: Russia’s war, which has killed at least 84 civilians, is financed by record oil surpluses, allowing continued attacks while the U.S. faces higher energy costs and reduced leverage over Moscow.
