US Blockade Pushes Iranian Oil Exports Near Zero

The reinstated US naval blockade on Iranian ports — in force since July 14, 2026, following the collapse of the June 17 Memorandum of Understanding — has brought Iranian crude oil exports to a near standstill, with approximately 50 laden tankers carrying crude oil, refined products, and liquefied petroleum gas clustering in anchorages along the Iranian coastline as of mid-to-late August, according to data from United Against Nuclear Iran (UANI). That compares with 45 vessels a week earlier and 36 when the blockade was reinstated.

UANI has not tracked any tanker laden with Iranian crude oil that successfully departed the Gulf of Oman and avoided enforcement actions by US forces since July 12. Operations at Kharg Island — Iran's main export terminal — halted on July 31, according to Kpler and Energy Aspects. Since the reinstatement of the blockade, only around five handymax-size tankers carrying Iranian LPG have successfully passed the blockade line. At the same time, at least 20 empty Iran-flagged vessels that previously completed ship-to-ship transfers of Iranian crude in Southeast Asia are now anchored off Sri Lanka, unable to return to Iranian ports due to the blockade.

On August 24, US Treasury Secretary Scott Bessent announced new sanctions on an international network of brokers, companies, and ghost fleet tankers responsible for the transportation of Iranian oil, describing the initiative — paired with the naval blockade — as designed to collapse the regime's finances. Four of the five newly sanctioned tankers were previously listed on UANI's Ghost Armada, including G Silver (IMO 9139696), Quantum Hope (IMO 9233650), Voyage Elite (IMO 9286138), and Tela (IMO 9189110). Trump simultaneously announced an "Economic D-Day" pressure campaign against Iran.

Before the conflict, Iran's oil exports averaged approximately 1.75 million barrels per day. The blockade is costing Iran an estimated USD 500 million daily, according to US officials, as the regime loses access to export revenues it has historically used to fund its missile and drone programmes through the IRGC.