Iran Floating Oil Storage Drained to 866,000 Barrels Under U.S. Naval Blockade

Iran's floating crude oil storage has been nearly depleted amid a U.S. naval blockade, with volumes falling to 866,000 barrels by mid-October from roughly 150 million barrels before the blockade began in April, according to Kpler data cited by The Wall Street Journal. "There's no more oil to discharge to China anymore," said Homayoun Falakshahi, Kpler's head of crude oil analysis. The blockade was lifted in mid-June following a ceasefire between Washington and Tehran, but collapsed in mid-July when hostilities resumed and the blockade was reimposed. Falakshahi said the U.S. is betting economic pressure will either force Iran back to nuclear negotiations or spark internal protests. The standoff carries costs for Washington as well: fuel prices remain at record highs, particularly diesel, and President Trump's approval ratings have slipped ahead of the November midterms. Moody's estimated the Iran war has cost U.S. households $265 billion. Iran's central bank governor dismissed collapse claims as "an illusion," while Tehran's president and foreign minister signaled this week they cannot trust the U.S., complicating peace talks.