Iran loses billions in oil revenue under US maritime blockade: Axios

• The Pentagon says a US blockade in the Gulf of Oman has cut nearly $5 billion in Iranian oil revenue by stranding tankers and disrupting exports.

The US Defense Department estimates that Iran has lost nearly $5 billion in oil revenue due to a US naval blockade in the Gulf of Oman, according to officials cited by Axios, intensifying economic pressure on Tehran.

The Pentagon said the operation, which began on April 13, has redirected more than 40 vessels suspected of carrying Iranian oil or other contraband. Officials also said 31 tankers carrying an estimated 53 million barrels of Iranian oil, worth at least $4.8 billion, are currently “stuck in the Gulf,” while two vessels have been seized.

With domestic storage capacity under strain, Iran has reportedly begun using older tankers as floating storage, while some shipments are taking longer and more expensive routes to China to avoid interception, officials said.

Iranian crude continues to flow through alternative maritime strategies. TankerTrackers.com co-founder Samir Madani told Axios that some vessels are hugging the coasts of South Asia to reach safer waters near the Malacca Strait, where oil is transferred to other ships bound for Asia.

Madani also suggested Iran could eventually attempt a coordinated effort to break through restrictions once sufficient storage is accumulated.

Analysts say the US strategy aims to force Iran’s storage capacity to overflow, potentially disrupting production. Gregory Brew of the Eurasia Group told Axios Iran may be “several weeks, or perhaps as much as a month” away from reaching critical storage limits.

Pentagon spokesperson Joel Valdez described the operation as “operating with full force and delivering the decisive impact we intended,” adding that it is aimed at limiting Iran’s ability to fund regional activities.