Iran's Floating Oil Storage Drained as U.S. Naval Blockade Tightens

Iran's floating oil storage has fallen from nearly 150 million barrels in April to under 50 million barrels by mid-June, according to Kpler data cited by the WSJ, indicating the U.S. naval blockade is effectively cutting off Iranian crude exports to China. This signals a tightening in global oil supply as remaining stored barrels are depleted, with no new exports possible. The development marks a significant escalation in the effectiveness of U.S. sanctions enforcement, with direct implications for oil markets.