Iran's Floating Storage Oil Export Strategy and Washington's Response

Source: NITC / Maritime Executive

In the latest development on the energy geopolitics map, Iran continues to maintain the flow of crude oil to international markets by leveraging its network of floating storage vessels in the Gulf of Oman, defying the US military's efforts to impose a comprehensive naval blockade on its ports.

According to tracking data from TankerTrackers, alongside tankers heading to Iran that have breached the new US blockade perimeter, Tehran has been continuously discharging and dispatching tankers from its floating storage system.

Technically, these vessels are not directly affected by the blockade as they had already departed Iranian ports and anchored at offshore locations before the enforcement took effect. However, their presence has enabled Iran to offload an additional 9 million barrels of crude oil to foreign buyers. At current valuations, these shipments are worth approximately $900 million - potentially even more given the premium of having prompt, available supply for spot delivery.

"Gaps" in the Blockade Perimeter

A previous report from TankerTrackers identified two US-sanctioned tankers, sailing in ballast condition, that penetrated the US blockade perimeter heading toward Iran in recent days. Notably, these vessels appeared to encounter no resistance despite keeping their Automatic Identification Systems (AIS) turned on.

Contradicting these tracking reports, the US Navy insists the blockade is being strictly enforced as a "watertight" operation and reported that 13 Iranian tankers have been intercepted and forced to turn back so far.

The "Financial Bomb" and Secondary Sanctions

Alongside mobilizing military forces for the blockade, Washington has announced plans to attack Iran's oil sales network using a tool likened to a "financial bomb." The US administration has reportedly sent warning letters to banks in China, Hong Kong, the UAE, and Oman, emphasizing that they could face severe sanctions if they continue transacting with Iran-linked entities.

Speaking on Thursday, Treasury Secretary Scott Bessent stated: "We have told countries that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions, which is a very stern measure. And the Iranians should know that this is going to be the financial equivalent of what we saw in the kinetic activities."

Washington's Policy Reversal

This announcement marks a significant pivot from the US administration's recent policy, which had permitted Iran to sell oil on the open market. Just last month, the White House suspended sanctions on Iranian oil floating at sea to address global supply shortages - a rare departure from the years-long "maximum pressure" campaign aimed at Tehran's energy revenue streams.

This renewed tightening occurs as the US seeks leverage in diplomatic negotiations with Iran, which are reportedly making progress toward a second direct meeting between officials of both nations. The Trump administration has also secured a 10-day ceasefire agreement from the Israeli government to pause attacks in Lebanon - a key demand from Iranian negotiators and a crucial step to kick-start the next round of talks.

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Source: Phaata.com (According to Maritime Executive)

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