Iran’s Oil Reserves Run Dry as U.S. Naval Blockade Tightens
Iranian oil in floating storage has been drained amid the U.S. Navy blockade, the Wall Street Journal has reported, citing Kpler data that suggests further tightening in global oil supply. “There’s no more oil to discharge to China anymore,” Kpler’s head of crude oil analysis, Homayoun Falakshahi, s
Source: OilPrice.com
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DW NOTE
Iran hasn't run dry of anything — the reserves are there, buyers are waiting, and the pricing gap between Brent at $112 and the idle Iranian Heavy benchmark at $65 (479 days stale) shows exactly what a closed Strait of Hormuz costs Tehran per barrel. The blockade is Iran's own doing: they shut the waterway in February, reopened it in June under preliminary terms, then closed it again when Washington wouldn't meet all seven conditions. This isn't a U.S. naval squeeze — it's a self-imposed export freeze holding 20% of the world's seaborne crude hostage to a negotiating position that has yet to move the dial.