India, May 2 -- The United States Department of Defense has estimated that Iran has lost close to $5 billion in oil earnings due to a US-led blockade in the Gulf of Oman. This has created serious financial stress for Tehran, especially as efforts to reach a peace agreement continue to fail.

The blockade, which began on April 13 under President Donald Trump, is being used by Washington as its main tool to push for an end to the conflict. However, recent peace talks held in Islamabad did not lead to any breakthrough. Pentagon officials said that more than 40 vessels suspected of transporting oil or illegal goods have been redirected since the operation started, according to Axios.

US Iran War Latest Update: 53 Million Barrels of Oil Stuck...