Iranian Oil Exports Stalled as US Blockade Takes Hold

A U.S. naval blockade is disrupting Iranian oil exports and causing a growing number of tankers to sit idle off Iran's coast.

Roughly 50 laden tankers were waiting off Iran's coastline in the Persian Gulf and Gulf of Oman as of Tuesday, according to United Against Nuclear Iran (UANI), with crude shipments remaining heavily constrained.

The U.S. action is aimed at restricting activity at Iranian ports, slowing exports while also preventing empty tankers from returning to load new cargoes, said Charlie Brown, an adviser to UANI.

Data from Vortexa shows that Iranian crude held in floating storage has increased 14% over the past month to approximately 135 million bbl, with additional clusters of Iranian tankers observed off Malaysia and near Sri Lanka.