Iran juggles oil cuts and storage strain to resist U.S. blockade

As the US naval blockade in the Strait of Hormuz tightens around Iran’s oil trade, exports have plunged in recent weeks and storage is rapidly filling. Already, the country has begun curbing production, according to a senior Iranian official. 

But there’s a crucial caveat Washington may be underestimating: Tehran has decades of experience preparing for versions of this exact scenario.

The war in the Middle East is entering a stalemate, with both sides waiting for the other to relent.