Iran has nearly depleted its entire reserve of oil stored on “ghost fleet” vessels following the U.S. blockade

Iran has depleted nearly all of its oil reserves stored aboard tankers belonging to the so-called “shadow fleet” after the United States blocked maritime shipments from Iranian ports. At the start of the war, in February 2026, Tehran had approximately 135 million barrels stored on vessels outside the Persian Gulf, primarily near the coasts of Malaysia and Singapore.

The oil could be sold to Asian buyers without the tankers having to pass through the Strait of Hormuz, a strategic and vulnerable route. However, the naval blockade imposed by Washington in April prevented Iran from replacing the cargoes that had been sold with new ones.

The restrictions were temporarily suspended during negotiations in the summer. During this period, Iranian authorities attempted to send as many vessels as possible into international waters. After the negotiations failed, the United States reinstated the blockade in July.

According to Kpler data, less than one million barrels remained in monitored maritime stocks at the beginning of October. By mid-month, the reserve was effectively depleted, limiting one of Iran’s main options for maintaining its oil exports. The information was published by The Wall Street Journal and cited by Il Post.