Iran’s oil exports have completely halted at Kharg Island, the terminal responsible for approximately 95% of the country’s seaborne crude shipments. The US naval blockade maintained since July 31 has reduced loading operations to zero across all three deepwater berths. According to Kpler data, a first blockade phase between April and June 2026 had already caused Iranian crude and condensate exports to collapse from nearly 2 million barrels per day to below 300,000 barrels per day. Analysts expect Iran will need to start curtailing crude production as onshore and floating storage capacity reaches saturation, threatening long-term production potential. The removal of this crude volume from the global market is forcing Asian buyers to seek alternatives and creating major uncertainty over global supply dynamics.
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