Media: US blockade cuts Iran’s oil revenue by nearly $5 billion

The US Defence Department estimates that Iran has lost nearly $5 billion in oil revenue due to Washington’s naval blockade in the Gulf of Oman, significantly increasing economic pressure on Tehran.

The blockade, launched on April 13, is seen by the Pentagon as President Donald Trump’s primary leverage in efforts to negotiate an end to the war with Iran, particularly as talks have stalled intermittently.

According to Pentagon officials, cited by Axios, US forces have redirected more than 40 vessels attempting to pass through the blockade carrying oil and other restricted cargo. In total, 31 tankers holding approximately 53 million barrels of Iranian oil — valued at at least $4.8 billion — remain stranded in the Gulf, while two vessels have been seized.

With onshore storage facilities nearing capacity, Iran has begun using older tankers as floating storage. Some shipments are also being rerouted along longer and more expensive paths to China to avoid US interception.

Analysts say these adaptations highlight Tehran’s efforts to sustain exports under pressure. Samir Madani, co-founder of TankerTrackers.com, pointed to the case of a large tanker, “HUGE,” which avoided interdiction by travelling along the coasts of Pakistan and India before reaching the Malacca Strait, where oil is typically transferred to other ships bound for China.

Madani suggested that Iran could eventually attempt a coordinated breakout. “I think the Iranians will wait for an opportunity to launch an overnight ‘Great Escape’ once they have built up even further storage near the border with Pakistan,” he told Axios.

The blockade forms part of a broader standoff, with both sides targeting critical shipping routes. Iran has restricted traffic through the Strait of Hormuz, while the US has moved to block access through the Gulf of Oman.

Analysts warn that the US strategy aims to push Iran to its storage limits, potentially forcing a shutdown of oil production. “They're probably several weeks, or perhaps as much as a month, away from running out of storage,” said Gregory Brew of the Eurasia Group.

Pentagon spokesperson Joel Valdez said the blockade is “operating with full force and delivering the decisive impact we intended.”

“We are inflicting a devastating blow to the Iranian regime's ability to fund terrorism and regional destabilisation,” he said. “Our armed forces in the region will continue to maintain this unrelenting pressure.”

By Tamilla Hasanova