Iran can withstand prolonged US blockade with oil reserves, says WSJ

Iran has the capacity to endure a prolonged naval blockade, the Wall Street Journal (WSJ) reported, following the U.S. launch of such an operation in the Strait of Hormuz at 2:00 p.m. UTC on April 13. According to the WSJ, Iran has already stockpiled enough crude oil to last for weeks or even months, both for its own needs and for its Chinese importers. The report identifies China's "teapot" refineries as the sole current buyers of Iranian crude, absorbing over 90% of the country's oil exports. While President Trump's administration aims to cut off Iran's oil revenue to bring it to the negotiating table, the WSJ suggested that Iran might be able to hold out longer than the global economy.