Iran may lose all its oil revenue - Rubio

U.S. secretary of state Marco Rubio has warned that Iran could lose almost all its oil revenue as U.S. sanctions and efforts to block Iranian oil shipments intensify, saying the economic pressure on Tehran would become “even worse”.

"That oil that’s now on the water is almost out.  So at that point, they won’t have any revenue. So you say sanctions have been in place; never has Iran ever faced the inability to sell energy in the global market like they are today. They’ve never faced this and other things that we’re doing which I can’t discuss that are having a huge impact on them economically," Rubio said.

According to him, oil shipments through the Strait of Hormuz have recovered to more than four-fifths of their pre-war volume on some nights. The official added that there won’t be much Iranian oil for China to purchase soon. 

"The only oil they can purchase is the oil that’s out on the water, and there’s not much of it left," Rubio said.