According to Artak Zakaryan, the former Deputy Minister of Defense of Armenia, the military conflict between the US and Iran is gradually shifting into the economic arena.
He notes that the blockade of the Strait of Hormuz could have more severe consequences for Iran than regular sanctions, as the majority of the country's oil exports are conducted through that route. Zakaryan states that oil exports have sharply decreased in recent weeks, and nearly halted at the beginning of August.
According to various estimates, the blockade could cause Iran to lose between $200 million and $435 million daily. Meanwhile, oil production continues, but its marketing opportunities have been restricted.
Zakaryan believes that if the blockade persists for a long time, it could significantly weaken Iran's economy and deepen the country's internal issues.
“The military clashes between the US and Iran are moving into the economic arena, and it is there that they could turn into a protracted conflict,” he wrote.
