US naval blockade chokes Iran oil exports
Since mid-July a US naval blockade has blocked Iranian crude from transiting the Strait of Hormuz, leaving barrels stranded aboard ships and drawing down offshore inventories, according to Kpler and US Treasury statements cited by the Wall Street Journal. Kpler data show Iran's stored oil fell from about 90 million barrels to 29 million barrels and August loading was about 255,000 barrels per day, 85% below an earlier average; Kpler warns stocks could be depleted by mid-October and payments by mid-December. The squeeze has reduced petrochemical loadings, driven inflation above 80%, and the IMF forecasts a 5.4% contraction for 2026.
Iran's oil export revenue is sharply falling due to a US blockade.
Context
The US reinstated a naval blockade in mid-July and stepped up sanctions. Iran has fewer ways to move oil by sea or land. Oil stocks could run out and payments may dry up next months.
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