Iran's oil exports stall as tankers back up off Chabahar under U.S. Navy blockade

April 28 — Shipping trackers and satellite imagery show Iran's crude exports are slowing sharply as a U.S. Navy blockade disrupts traffic near Chabahar Port. Multiple fully laden supertankers have clustered just outside the area described as the U.S. military control line. Data indicates six to eight VLCCs, along with several smaller tankers, are currently anchored in the Gulf of Oman. The U.S. military previously intercepted and rerouted two large tankers in the area. With the Strait of Hormuz nearing functional paralysis, Iran's offshore floating storage has climbed to about 155 million barrels of crude. To keep barrels moving, Iran has brought back 30-year-old tankers that had been idle for three years. Kpler estimates Iran's remaining storage headroom can support operations for only another 12 to 22 days. If the blockade persists, the market expects Iran could begin cutting output as early as mid-May, potentially by as much as 1.5 million barrels per day. Export indicators have also weakened. Iran's average daily crude exports held near 1.85 million barrels in March but have recently fallen to roughly 567,000 barrels, a drop of about 70%. Analysts note Iranian crude is largely sold into Asia via indirect channels, so revenue effects typically lag by three to four months. As a result, the current round of sanctions has yet to fully show up in fiscal receipts.