Iran’s crude oil exports have plummeted to approximately 260,000 barrels per day in August 2026, down from 1.7 million barrels per day previously, representing a decline of over 80%. Iran’s Central Bank Governor Abdolnaser Hemmati confirmed on August 20 that oil export revenues have effectively reached zero. On August 24, the US Treasury Department launched Operation Economic Outcast, imposing sanctions on nearly 60 entities, individuals, and vessels connected to Iran’s oil revenue networks. US Central Command reported redirecting 75 commercial ships and boarding 2 vessels since July 14, 2026. This contraction removes approximately 1.4 million barrels per day from global oil markets.
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