The Pentagon estimates Iran has been denied nearly $5 billion in oil revenue because of the US blockade in the Gulf of Oman, causing unprecedented pressure on Tehran’s government, according to Axios.

Since the blockade began on April 13, the US military has redirected more than 40 vessels that have tried to pass through the blockade by carrying oil and other contraband, Pentagon officials have said.

“In total, 31 tankers laden with 53 million barrels of Iranian oil are ‘stuck in the Gulf’ and have a value of at least $4.8 billion,” Axios reports, adding that the US has seized two ships.

“Unable to fill oil in new tankers as on-land storage facilities reach capacity, Iran has begun to use older tankers as floating storage,” the outlet adds.

Axios, quoting US officials, notes that some tankers are taking “a costlier and longer route to deliver oil to China for fear of US maritime interdiction”.

Read the full report here.