The United States Department of Defense estimates that Iran has lost nearly $5 billion in oil revenue due to a US-led blockade in the Gulf of Oman, putting significant strain on Tehran’s finances as a peace deal remains elusive.
The blockade, initiated on April 13 under President Donald Trump, is being positioned as Washington’s primary leverage in efforts to end the conflict, as peace talks, held in Islamabad, failed to yield any results. According to Pentagon officials, more than 40 vessels suspected of carrying oil or contraband have been diverted since the operation began, Axios reported.
53 Million Barrels Of Iranian Crude Stranded
Officials say 31 tankers carrying around 53 million barrels of Iranian crude remain stranded in the Gulf, with an estimated value of $4.8 billion. Further, two ships have been seized by US forces. With land-based storage nearing capacity, Iran has reportedly turned to aging tankers as floating storage units. Some shipments are also being rerouted through longer, costlier paths to China to avoid US interception.
Samir Madani, co-founder of TankerTrackers.com, highlighted one such case, noting that a tanker named “HUGE" stayed close to the coasts of Pakistan and India before heading toward the safer waters of the Strait of Malacca, where oil is often transferred to vessels bound for China. He suggested that Iran may eventually attempt a large-scale breakout if pressure continues.
“I think the Iranians will wait for an opportunity to launch an overnight ‘Great Escape’ once they have built up even further storage near the border with Pakistan," he told Axios.
The standoff has evolved into a broader economic confrontation, with Iran restricting movement in the Strait of Hormuz and the US countering with its blockade. Analysts warn Iran may soon reach storage limits, risking production shutdowns.
“They’re probably several weeks, or perhaps as much as a month, away from running out of storage," said Gregory Brew, an analyst with the Eurasia Group.
“We are inflicting a devastating blow to the Iranian regime’s ability to fund terrorism and regional destabilization," said Joel Valdez, acting Pentagon press secretary. “Our armed forces in the region will continue to maintain this unrelenting pressure," he added.
