Blockade Continues in Hormuz and Iran War Drags On

Watch on YouTube ↗  |  May 02, 2026 at 15:34  |  9:51  |  Bloomberg Markets
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Summary

Telegraph Senior Foreign Correspondent Adrian Blomfield reports from the Strait of Hormuz, describing how Iran uses small speedboats to smuggle diesel, lay mines, and enforce a blockade despite losing its conventional navy. He highlights the complexity of the situation, the massive arbitrage in fuel smuggling, and the challenges for naval forces in countering the IRGC's asymmetrical tactics.

  • Iran's small speedboats are used for both smuggling diesel and laying mines in the Strait of Hormuz.
  • Smuggled diesel from Iran sells in Gulf States at a 500-1000% markup due to subsidies.
  • The IRGC's mosquito fleet makes mine-clearing and blockade enforcement very difficult.
  • Estimates suggest 5,000-6,000 mines have been laid in the strait.
  • The smuggling trade now helps Iran alleviate oil storage pressure.
  • The topography and heat create natural cover for the speedboats.
  • Civilian communities in Iran, Oman, and the UAE depend on the smuggling trade.
  • Military action against the boats risks significant civilian harm.
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