Iranian crude oil loadings have fallen by more than 80% in August to about 260,000 barrels per day, from 1.7 million bpd in August 2025, according to Kpler. The decline follows President Donald Trump's July 14 reimposition of a naval blockade after Iran attacked oil tankers transiting the Strait of Hormuz, a vital oil-shipping route. The Trump administration is betting that shrinking oil revenue and a broader sanctions campaign will force Tehran to reach a deal and fully reopen the strait. Central Command said the U.S. military had redirected 75 commercial ships, disabled three vessels and boarded two to enforce the blockade. While Iran remains defiant and is negotiating with Oman over possible shared control of the waterway, U.S. assistance to Gulf allies using a southern corridor along Oman's coast is reducing Tehran's leverage. Independent estimates put current Hormuz traffic well below the U.S. government's figure, at roughly 5 million to 6 million bpd compared with 15 million bpd before the war began on Feb. 28.