Iran’s oil exports have collapsed by 93% since the US naval blockade began in April, dropping from over 2 million barrels per day to approximately 65,000 barrels. Only 2.01 million barrels, worth approximately $219 million, were sold in May. Facing financial strangulation, Iran has turned to cryptocurrencies like Bitcoin and USDT to circumvent sanctions, but the US Treasury has already frozen over $344 million in assets linked to these operations. The oil market is witnessing a paradox where sanctions paradoxically create demand for crypto assets, illustrating the deep embedding of these digital currencies in current geopolitical conflicts.
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