The Pentagon has reported that the ongoing US blockade in the Oman Gulf has deprived Iran of nearly $5 billion in oil revenue, placing significant pressure on the Iranian government. This blockade is viewed as a crucial tool for President Donald Trump in negotiations aimed at curbing hostilities with Iran.
Since the blockade began on April 13, US forces have redirected over 40 vessels attempting to breach the blockade, carrying oil and other contraband goods. According to Pentagon officials, 31 tankers containing 53 million barrels of Iranian oil are currently stranded in the Persian Gulf, with a total estimated value of at least $4.8 billion. Additionally, the US has confiscated two of these vessels.
As Iran struggles to load new tankers due to overflowing land storage facilities, it has resorted to using older vessels as floating storage. Reports indicate that some tankers are opting for longer, more expensive routes to deliver oil to China, driven by fears of interception by US forces.
Samir Madani, co-founder of TankerTrackers, noted that a large Iranian oil tanker named “HUGE” has demonstrated tactics to evade US interception. The vessel has been navigating along the coasts of Pakistan and India, heading towards the relatively secure Malacca Strait in Malaysia, where oil is typically transferred to other ships bound for China.
Madani suggested that Iranian tankers under blockade might attempt a large-scale “escape” at some point. “I think the Iranians will wait for the right moment to organize a sudden ‘Great Escape’ as soon as they establish more storage near the border with Pakistan,” he stated.
At this stage of the conflict, both Iran and the US are employing blockades to inflict economic damage. Iran has blocked the Strait of Hormuz, hindering the passage of vessels, prompting the US to respond with its blockade in the Oman Gulf. The aim of the US pressure campaign is to force Iran to exhaust its oil storage capabilities, ultimately leading to a halt in oil production.
Analyst Gregory Brew from Eurasia Group commented, “They likely have a few weeks, or possibly a month, before their storage capacity runs out.”
The US blockade in the Oman Gulf has severely impacted Iran's oil revenues, with losses nearing $5 billion. As both nations engage in economic warfare, analysts warn that Iran's storage capabilities may soon be exhausted.