Iranian crude loadings averaged roughly 220,000 to 260,000 barrels per day in August 2026, down more than 80% from approximately 1.85 million bpd earlier in the year. The decline followed a US naval blockade reimposed on July 14 that sealed waters south of the Strait of Hormuz to Iranian tanker traffic, with no confirmed crude shipments passing the enforcement line since mid-July. Loadings averaged about 740,000 bpd in July because tankers loaded before the cutoff completed their departures, while August reflected only cargoes moved to nearby buyers or floating storage (oil held on tankers). Dozens of commercial vessels were redirected, and select Iranian tankers were struck by US forces through September 2026. Iran has said it can continue exporting crude, but tracking data indicates it is relying on pre-blockade floating inventories, a finite source as onshore storage fills. Meanwhile, non-Iranian Gulf exports rose to 8.4 million to 10.8 million bpd by September 2026. The blockade removed roughly 1.5 million bpd of Iranian supply from a global market already facing demand uncertainty, comparable to the daily output of Algeria or Angola.