Iran’s oil exports just hit a wall.
In May, Iran’s crude oil shipments collapsed by 84% compared to April, falling to their lowest levels in more than six years. The cause: a US naval blockade enacted in mid-April and a fresh wave of Treasury sanctions that have systematically dismantled Tehran’s ability to move crude to buyers.
The numbers tell a brutal story
Iran exported approximately 2.01 million barrels by sea in May 2026. That’s down from 29.7 million barrels in April, a decline of roughly 93% by volume. On a daily basis, exports dropped below 300,000 barrels per day.
Some crude shipment trackers suggested that May exports had fallen to functionally zero barrels in certain analyses.
