Key facts
- Iran's Plan and Budget Organization may include a $130-a-barrel oil scenario in its budget for the year starting March 2027.
- At least 50 Iranian oil tankers are stranded in the Persian Gulf due to a U.S. blockade.
- Iran's floating oil storage has fallen to 866,000 barrels as of mid-October, down from nearly 150 million barrels before April.
Iran's economic planners are reportedly considering a $130-a-barrel oil price scenario for the budget year beginning March 2027, according to Iranian media. However, a U.S. naval blockade, reinstated in mid-July, has stranded at least 50 laden Iranian oil tankers in the Persian Gulf. This blockade has significantly reduced Iran's oil exports since August, potentially limiting the country's ability to benefit from higher oil prices. Data from Kpler indicates a sharp decline in Iran's floating oil storage, falling from close to 150 million barrels before April to just 866,000 barrels by mid-October.