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In the first Trump administration, the U.S. launched a “maximum pressure” campaign to cut Iranian oil from the global market and eliminate Tehran’s biggest source of revenue. Today, Iran sells billions of dollars’ worth of oil every month via a shadow fleet of ships that have been passing through the Strait of Hormuz. WSJ’s Rory Jones takes us inside Iran’s underground network for shipping, processing and selling oil in China. Ryan Knutson hosts.

Further Listening:

- How Iran's Regime Changed... for the Worse

- The Strait of Hormuz Showdown

- In Iran, an Uneasy Calm Amid a Cease-Fire

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