Iran has lost nearly $6 billion in oil revenue over April and May 2026, after the US Navy imposed a blockade on its ports. Data from trade analytics firm Kpler shows Iran's crude and condensate exports fell from nearly 2 million barrels per day in March to under 300,000 barrels per day in May.
The blockade, launched by US President Donald Trump on April 13, aims to pressure Iran into accepting peace terms. Tehran has called the action 'piracy' and condemned it as illegal.
Earlier, on February 28, Iran closed the Strait of Hormuz to vessels from most nations. The strait typically handles about 20% of global oil and gas supply. The closure sent energy prices soaring, hitting Gulf producers such as Saudi Arabia, Kuwait, Iraq, and the UAE. At that time, Iran continued exporting its own oil through the strait, with steady output in March and April, benefiting from high oil prices.
But since the US blockade of Iran's ports, oil flows have collapsed. According to Lloyd's List, Iran's May oil revenue was about 84% lower than in March. With an estimated oil price of $90 a barrel, March revenue was roughly $5.13 billion, April $3.62 billion, and May just $837 million. That tallies a loss of about $5.8 billion over the two-month blockade.
Iran continues to produce oil but is forced to store most of it on tankers anchored offshore. Kpler estimates about 147 million barrels of crude and condensate are floating in storage, with 67 million barrels stuck in the Persian Gulf and Gulf of Oman, unable to run the blockade.
Roughly 300,000 barrels per day still slip through via transshipment routes through Malaysia. However, energy researcher Marc Ayoub says the blockade's main impact is not halting production but cutting off cash flow from oil sales, especially to China – Tehran's biggest customer. Rail links, though upgraded, cannot replace sea routes because of the vast difference in volume: one very large crude carrier (VLCC) can haul more than 2 million barrels in a single voyage, while a train can carry at most 70,000 barrels.
Analysts see the blockade as a contest of economic endurance. Iran faces mounting pressure, while the Strait of Hormuz closure also costs Gulf producers revenue, driving up global energy prices and straining a world economy closely tied to US markets. 'The core issue remains who controls the strait. Either Iran maintains influence in one form or another, or the standoff will drag on for months,' Ayoub said.
