The US military devastated much of Iran’s conventional naval power: US forces struck more than 13,000 targets during the conflict and destroyed much of Iran’s regular naval fleet.
However, Iran’s small, fast attack boats — a key asymmetric threat in the Strait of Hormuz — proved harder to eliminate.
Iran's oil exports collapsed: Iran's ability to monetize its oil was severely impaired after the US blockade.
By the second quarter, overall Gulf oil flows through Hormuz had fallen dramatically, while US pressure further restricted Iranian exports.
The IEA reported that Gulf exports, including flows bypassing Hormuz, recovered sharply in June but remained well below prewar levels.
The US military devastated much of Iran’s conventional naval power: US forces struck more than 13,000 targets during the conflict and destroyed much of Iran’s regular naval fleet. However, Iran’s small, fast attack boats — a key asymmetric threat in the Strait of Hormuz — proved harder to eliminate. Brookings notes that Iran used drones, missiles and small attack boats to threaten shipping after the war began.
The oil shock was severe — but not catastrophic: US gasoline prices rose sharply, while Washington also drew heavily on strategic reserves. However, the exact claim that gasoline went from $2.98 to $4 a gallon and that the SPR reached its lowest level since the 1980s needs qualification; official EIA forecasts put the 2026 average retail gasoline price around $3.90 a gallon.
Iran's oil exports collapsed: Iran's ability to monetize its oil was severely impaired after the US blockade. By the second quarter, overall Gulf oil flows through Hormuz had fallen dramatically, while US pressure further restricted Iranian exports. The IEA reported that Gulf exports, including flows bypassing Hormuz, recovered sharply in June but remained well below prewar levels.
