People stage a protest after activists attempting to break Israel's maritime blockade of Gaza say Israeli forces have intercepted their "Global Sumud Flotilla" near the southern Greek island of Crete, in Rome, Thursday, April 30, 2026. (AP Photo/Andrew Medichini)

People stage a protest after activists attempting to break Israel's maritime blockade of Gaza say Israeli forces have intercepted their "Global Sumud Flotilla" near the southern Greek island of Crete, in Rome, Thursday, April 30, 2026. (AP Photo/Andrew Medichini)

People stage a protest after activists attempting to break Israel's maritime blockade of Gaza say Israeli forces have intercepted their "Global Sumud Flotilla" near the southern Greek island of Crete, in Rome, Thursday, April 30, 2026. (AP Photo/Andrew Medichini)

People stage a protest after activists attempting to break Israel's maritime blockade of Gaza say Israeli forces have intercepted their "Global Sumud Flotilla" near the southern Greek island of Crete, in Rome, Thursday, April 30, 2026. (AP Photo/Andrew Medichini)

This grab from black and white CCTV footage shows members on flotilla boat with hands in air as Israeli forces intercepted activists who set sail earlier this month from Barcelona attempting to break Israel’s maritime blockade of Gaza, near the southern Greek island of Crete, early Thursday, April 30, 2026. (Global Sumud Flotilla via AP)

Even as Iran maintains its chokehold on the Strait of Hormuz, the Islamic Republic increasingly finds itself squeezed by an American blockade threatening its oil industry. The situation isn’t as dire as President Donald Trump recently described, colorfully suggesting pipelines could start exploding within days. However, experts suggest Iran already has begun dialing back its production of oil. Within about two weeks, some say, Iran will face harder choices about what to do, including whether to shut down some of its aging wells. Analysts say they may not be able to come back online easily — if at all.

Iran’s national rial currency has hit a record low of 1.8 million to $1 as a shaky ceasefire with the U.S. and Israel holds. The rial had remained stable for weeks during the war, which began February 28, partly due to limited trading and imports. Experts warn the fall of the rial is likely to further fuel inflation. Many imported goods, from food and medicine to electronics and raw materials, are affected by the dollar rate. The war is now in a ceasefire, but a U.S. blockade has continued to increase pressure on Iran’s already-battered economy.

People ride in a shared taxi in front of a sign opposing the U.S. blockade on Cuba, in Havana, Tuesday, April 28, 2026. (AP Photo/Ramon Espinosa)

Two Middle Eastern officials say Iran is offering to end its chokehold over the Strait of Hormuz without addressing its nuclear program. The proposal, passed to the U.S. by Pakistan, also includes a request for the U.S. to end its blockade of Iran. U.S. President Donald Trump is unlikely to support the proposal, as he wants Iran’s nuclear program ended as part of a broader deal to end the war. Iran's foreign minister is visiting Russia to consult on the war against Israel and the U.S. The standoff in the Strait of Hormuz is affecting global oil prices and trade.