Iran’s oil exports have collapsed under the U.S. naval blockade, placing growing pressure on Tehran’s already battered economy and threatening one of the regime’s most critical sources of revenue.

According to a report published Wednesday by Independent Arabia, no major new shipments of Iranian crude have successfully passed through the blockade since it was renewed in mid-July.

Iran continues loading limited quantities of oil onto tankers, but the vessels reportedly remain trapped inside the Persian Gulf and are unable to reach international customers.

Iran’s floating oil reserves outside the blockade have fallen from approximately 90 million barrels in mid-July to just 29 million barrels. Those reserves have allowed Tehran to continue receiving revenue from crude moved out of the Gulf before the restrictions were tightened.

At the current rate of depletion, the remaining reserves could be exhausted by mid-October, according to estimates cited in the report.

Iran loaded approximately 255,000 barrels per day onto tankers inside the Gulf in August—an 85% decline from the average recorded between February and April. Before the war, Iranian oil exports were approaching two million barrels per day.

Oil revenue accounts for approximately one-third of the Iranian government’s income and is one of the regime’s primary sources of foreign currency.

As revenues collapse, the Iranian rial has continued weakening against the dollar, driving up the cost of imports. An economist with Capital Economics estimated that the rial has lost approximately 15% of its value since President Trump launched his renewed economic pressure campaign against Iran.

Iran’s petrochemical industry is also suffering, with exports reportedly falling 63% since the beginning of 2026. If the decline continues, storage facilities could reach capacity and force production plants to reduce operations.

Meanwhile, several Chinese refineries—traditionally Iran’s largest oil customers—have reportedly begun seeking alternative supplies from Saudi Arabia, Iraq and the United Arab Emirates.

(YWN World Headquarters – NYC)