The Defense Department says its blockade in the Gulf of Oman has denied Iran nearly $5 billion in oil revenue since it began on 2026-04-13, with 31 tankers carrying 53 million barrels of Iranian oil stuck in the Gulf and worth at least $4.8 billion. [1]
Axios reported that the Pentagon said the U.S. military has redirected more than 40 vessels since the blockade began, after they tried to pass through with oil and other contraband. [1] The U.S. has also seized 2 ships. [1]
Iran has started using older tankers as floating storage as its on-land storage sites fill up. [1] Gregory Brew, an analyst with the Eurasia Group, said the country is "probably several weeks, or perhaps as much as a month, away from running out of storage," according to the report. [1]
Some tankers are taking a longer and costlier route to China to avoid U.S. maritime interdiction, Axios said. [1] Joel Valdez, the acting Pentagon press secretary, said the U.S. military is "operating with full force and delivering th" in remarks cited by the report. [1]
The blockade is described as President Donald Trump's most significant leverage tool in talks aimed at ending the war with Iran. [1] Axios said the report on the revenue loss was published on 2026-05-01. [1]