US-Sanctioned Tanker Passes Strait of Hormuz Amid Blockade

A Chinese tanker under US sanctions successfully navigates the Strait of Hormuz, despite a newly imposed blockade. The vessel, Rich Starry, is the first to pass through since the US began its operation after failed talks with Iran. It carries around 250,000 barrels of methanol and is owned by Shanghai Xuanrun Shipping, which is under US sanctions for dealing with Iran. US President Donald Trump announced the blockade, stating it targets vessels entering or leaving Iranian ports, while ensuring freedom of navigation for non-Iranian ships. The blockade could cut Iran's oil revenue by about $150 million a day, a significant blow for Tehran. The situation has broader implications, as Iran previously earned about $9 billion from crude exports during its recent war with the US and Israel. With around 190 million barrels of Iranian crude currently at sea, the potential disruption to global oil supply chains is considerable. This matters because rising oil prices can impact your everyday costs, from gas to goods.