Key facts
- Iran's floating oil storage fell to 866,000 barrels by mid-October.
- The U.S. reimposed a naval blockade on Iran in mid-July.
- The Iranian economy has shown resilience despite sanctions, according to the central bank governor.
Iran's oil reserves held in floating storage have been significantly depleted due to a U.S. naval blockade, according to data from Kpler cited by the Wall Street Journal. Before the blockade was reimposed in mid-July following the collapse of a ceasefire deal, Iran had nearly 150 million barrels in storage. By mid-October, this figure had fallen to just 866,000 barrels, indicating a severe tightening of global oil supply.
Despite the economic pressure, Iran's central bank governor stated the country's economy has demonstrated resilience. Meanwhile, the U.S. is reportedly gambling that economic strain will push Iran back to negotiations or spark internal protests. However, high fuel prices and declining approval ratings for President Trump ahead of the November midterms complicate the U.S. strategy. Peace talks remain distant as both nations express distrust.