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@yarbatman is doing us all a service by politely yet thoroughly debunking nonsense claims from people who think their generalist expertise makes them experts on Iran, about which they know nothing
The picture is far more complicated than this and now would be a good time for economists to start to look into how Iran's economy actually works.
First, oil exports have long been a constrained source of FX liquidity, as evidenced by the fact that Iran's currency has continued to devalue *even as oil exports surged*.
Second, the impact of the war on consumption in Iran will also depress import demand. Iran spends the equivalent of 4.5% of its annual crude oil export revenue just on smartphones! Recent currency devaluation is primarily a story of exaggerated import demand.
Third, Iran's non-oil trade with Iraq, Turkey, and Afghanistan is significant. Iran is not as dependent on the strait as its regional neighbors.
Fourth, this analysis total ignores Iran's enormous international reserves, exceeding $100 billion. Even if export revenues fall, Iran can try to gain access to a larger share of reserves. China might be willing to oblige to keep Iran in the fight.
To be clear, Iran can't sustain this war indefinitely. The window is probably 6-months before the economy starts to unravel, shorter if Trump commits war crimes by targeting infrastucture like power plants. But Iranian leaders know this and that is why they were *already* at the negotiating table, in good faith, before the blockade was announced.
Trying to justify the blockade based on the economic pain it may cause makes little sense when Iran had effectively *blockaded itself* from the outset of the war. Moreover, the blockade isn't really enforceable, certainly not without actions that would violate the ceasefire.
Trump just made policy by social media post again and there is no point in trying to dress it up as a measured or intelligent move.