The US naval blockade has effectively halted Iran’s oil exports by blocking tanker access to Kharg Island, which normally handles 90% of the country’s crude shipments. The blockade, reimposed around April 13, caused multiple consecutive days of shutdowns in May before a brief reprieve from mid-June to early July allowed Iran to export an estimated 40 to 70 million barrels, mostly to Asian buyers. Restrictions resumed around July 7, cutting off the country’s economic lifeline for the second time in three months. Kharg Island typically processes between 1.1 and 1.5 million barrels per day, and the infrastructure remains intact but inaccessible. Asian refiners who depend on discounted Iranian crude are now forced to source replacement barrels at market rates.
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