ISIS’s Oil Revenue Is Falling, Administration Says

The Obama administration believes it has sharply cut back the oil revenues that have made the Islamic State the best funded terrorist organization in history, according to senior U.S. officials.

The U.S. has been combining military strikes that target energy infrastructure controlled by Islamic State in Iraq and Syria with heightened tracking of smuggling routes used to move oil through Turkey and Kurdistan, according to these officials.

In October, the U.S. Treasury Department estimated that Islamic State, also known as ISIS or ISIL, was earning between $1 million and $2...