U.S. Blockade Stops Iranian Oil From Crossing for More Than a Month

Iran’s oil exports have reportedly been halted for more than a month as a U.S. naval blockade closes the route out, deepening the country’s economic hardship.

The Wall Street Journal, citing vessel-tracking firm Kpler, reported that U.S. forces resumed the maritime blockade around mid-July. Since then, not a single drop of Iranian crude has crossed the blockade line, according to the report.

Iran loaded an average of 255,000 barrels of oil a day onto ships in the Persian Gulf last month. The vessels and their cargoes are reportedly stuck inside the blockade. Oil moved out during a temporary opening of the Strait of Hormuz, following a June memorandum of understanding between the United States and Iran, has become Iran’s only meaningful source of funds, the report said.

Iran’s stored oil reached about 90 million barrels in mid-July. Less than two months later, that volume had fallen to 29 million barrels and could soon run out. Kpler said roughly 1 million barrels a day is heading toward China and other destinations, while the remaining stock held outside the blockade line could be exhausted by around the middle of next month.