U.S. Blockade Halts Iranian Crude Shipments Through Strait of Hormuz
No Iranian crude cargoes have reached China through the strait since July 14, and floating storage rose to 41.7 million barrels by Aug. 26, Vortexa said.
- For the first time on record, Iran has gone about seven weeks without shipping meaningful crude exports through the Strait of Hormuz, as a U.S. naval blockade cuts off one of Tehran's main sources of foreign-currency earnings.
- Since the U.S. reinstated its blockade on July 14, no Iranian crude cargoes have successfully transited the Strait of Hormuz to China, according to data from Kpler, Vortexa, and TankerTrackers.
- Iran currently has 29 tankers inside the strait carrying 36.11 million barrels of crude, while exports fell to about 220,000 to 255,000 barrels per day in August from roughly 740,000 barrels per day in July.
- The International Monetary Fund estimates Iran's inflation rate at nearly 70% this year, the world's third-highest, as the export collapse forces Tehran to drain foreign-currency reserves and rely on dwindling floating storage.
- Beyond the blockade zone, 51 shadow-fleet tankers operate in the Gulf of Oman and 81 remain active in Asia, though TankerTrackers co-founder Samir Madani said China can only access "whatever's floating around in their neck of the woods, but that's about it for now.
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Washington is trying to reduce Iran's income in the hope that the regime will bend after more than six months of war. Tehran is no longer able to export its crude oil, which will eventually lead to an already exsanguated economy.
Tehran will give the US a military response in the event that they intensify Iran's naval blockade, announced on Tuesday the Speaker of the Iranian Parliament, Mohammad Bagher Galibaf. "If they intensify the blockade, we will respond exactly through military action," he said in the video message that the Mehr agency provides.
(Cairo=Yonhap News) Correspondent Kim Sang-hoon = Mohammad Bagher Ghalibaf, Speaker of the Parliament and head of Iran's peace negotiation team, [addressed] sanctions and blockades by the West, including the United States...
Blockade succeeds where sanctions failed as Iran oil exports stall
Iranian Oil Minister Mohsen Paknejad announced that “the naval blockade is affecting the transport and delivery of oil to customers, but we are taking measures to completely circumvent it.”
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