Millions of Drained Barrels and Zero Reserves Left
Iran’s shadow fleet of oil tankers has run entirely dry of crude oil following months of maritime blockades by the United States, leaving the country facing severe economic pressure. Analysts at the maritime and energy tracking firm Kpler reported to Wall Street Journal that tankers previously loaded with millions of barrels of oil have been drained of their floating assets. Homayoun Falakshahi, head of crude oil analysis at Kpler, stated that no oil remains to be delivered to China, which has been the primary buyer of the supply throughout the ongoing conflict.
Sixty-Six Percent Inflation Threatens State Finances
The depletion of oil reserves threatens a major economic crisis inside Iran, where oil sales traditionally account for 30 to 40 percent of state revenues. The country is currently grappling with a 66 percent inflation rate and record-low values for the Iranian rial. Falakshahi estimated that while previous payments from China may take up to two months to fully reach Tehran, the financial buffer will only sustain the regime for a few additional weeks before the crisis deepens. Last week in Bangkok at the International Monetary Fund, central bank chief Abdolnaser Hemmati called the claim that the Iranian economy is collapsing “nothing more than an illusion.”
Sea Mines and Burning Vessels in the Persian Gulf
While crude storage empties, military activity in the region has escalated. The Iranian Revolutionary Guard Corps (IRGC) announced that seven ships have been attacked or struck mines in the Persian Gulf and the Strait of Hormuz. According to statements published on Sepah News, two oil tankers were hit by Iranian sea mines after attempting to sail unauthorized routes through the strategic strait. The IRGC stated that these vessels began to burn after naval forces placed explosives in an area where the ships were not permitted to cross. Four other vessels caught fire following attacks by Iranian forces targeting ships allegedly involved in unlawful oil transfers. The IRGC naval defense reported that these four ships were tracked in the northern Persian Gulf before being attacked on Wednesday. The UKMTO, a branch of the British defense, reported an incident involving military forces and a tanker east of Duqm in Oman.
US Evacuates Personnel as Hormuz Oil Exports Drop
In response to mounting security threats, the United States military ordered the evacuation of non-essential government personnel and their families from Saudi Arabia. Shipping traffic through the Strait of Hormuz remains heavily restricted following the outbreak of hostilities on February 28, when the U.S. and Israel initiated military strikes against Iran. Data from Kpler indicates that crude oil exports through the strait sit at roughly 82 percent of pre-war levels, while exports of refined products like gasoline stand at only 44 percent. Before the war, 20 percent of global oil and gas moved through the strait. To counter the blockade, the U.S. has attempted to create a safe passage along the coast of Oman. Meanwhile, Abbas Araghchi claimed that since October 2023, the U.S. has spent 11 billion dollars of taxpayer money on roughly 609 interceptor missiles to protect Israel. This includes 235 missiles, such as SM-3 and THAAD types, costing 4.8 billion dollars during a 12-day conflict in June 2025.
Trump Rejects Strait Proposal Ahead of November Elections
On October 23, IRGC naval commander Ali Ozamayi claimed U.S. ships are no longer present in the area. This followed accusations from Trump that Iran is spreading “fake news” about ship attacks and mines to raise oil prices before the U.S. midterm elections. Trump has suggested that bombing could resume after the midterm elections on November 3.
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