IRAN CUTS OIL OUTPUT AS U.S. BLOCKADE STRAINS EXPORTS

•⁠ ⁠Iran has begun reducing oil production as a U.S. naval blockade in the Strait of Hormuz sharply cuts exports and rapidly fills storage capacity, according to a senior Iranian official.

•⁠ ⁠Tehran is proactively curbing output to avoid hitting storage limits, using techniques developed over decades of sanctions to shut wells without long-term damage and quickly restart them.

•⁠ ⁠Officials warn the strategy may only hold temporarily, with storage nearing capacity, exports plunging, and mounting economic strain as the standoff continues.