Iran’s crude oil loadings have fallen to approximately one-seventh of pre-war levels, dropping from 1.5 to 1.85 million barrels per day to around 260,000 bpd by May 2026. A US naval blockade of Iranian ports and the Strait of Hormuz, launched on February 28, 2026, has been the main driver of the collapse. China, which was absorbing 80-90% of Iranian exports, has seen its imports drop from roughly 1.4 million bpd to approximately 534,000 bpd by August 2026. Iran has reportedly lost around $6 billion in oil revenues and been forced to cut production by approximately 1.2 million bpd. An interim deal in June briefly allowed a recovery to 1.3 million bpd, but a renewed blockade in mid-July slammed exports back down.
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