Iran oil revenue hits historic low amid U.S. naval blockade

A United States naval blockade in the Strait of Hormuz has resulted in a logjam of more than 50 Iranian tankers carrying crude oil, petroleum products, and LNG. According to the nonprofit United Against Nuclear Iran, these laden vessels have remained stationary for several weeks, unable to cross the waterway. Additionally, empty tankers are reportedly waiting at anchorages across the Indo-Pacific, including positions off Sri Lanka and Oman.

U.S. Treasury Secretary Scott Bessent stated that for the first time in history, Iran will have no oil on the water and no revenue this week. Preliminary vessel-tracking estimates indicate that Iranian crude loadings fell to zero in September, marking the first such instance since the conflict began in February.

While Iranian exports have declined, Goldman Sachs analysts noted a rise in exports from other Persian Gulf producers. They estimated that “dark exports” have helped boost total Persian Gulf oil exports to 23.3 million barrels per day, returning to prewar levels. This shift aligns with the objectives of “Operation Economic Outcast,” a U.S. administration initiative aimed at severing Tehran’s primary revenue sources.