The U.S. Department of Defense has estimated that its naval blockade against Iran has caused approximately $4.8 billion (about 7 trillion won) in economic damage by cutting off the country's maritime export routes.
According to U.S. political news outlet Axios on Monday (local time), the Pentagon has determined that 31 oil tankers carrying 53 million barrels of Iranian crude oil have been stranded in the Persian Gulf since the naval blockade began on the 13th of last month. The crude oil loaded on these tankers is estimated to be worth at least $4.8 billion, or approximately 7 trillion won.
During this period, U.S. forces turned back more than 40 vessels attempting to leave the waters carrying crude oil and other cargo, and seized two Iranian ships. With its maritime export routes blocked, Iran has seen a major source of government funding dry up. Iran's domestic crude oil storage facilities are also reportedly near full capacity.
With land-based storage facilities already at their limits, Iran has mobilized even aging tankers to store crude oil at sea. However, analysts predict this capacity will soon be exhausted as well.
"It will probably take a few weeks, maybe a month, before storage space runs out," said Gregory Brew, an analyst at Eurasia Group, a global political risk consultancy.
Analysts also noted that some Iranian tankers are attempting to bypass the U.S. blockade through alternative export routes. The large Iranian tanker HUGE recently traveled past the coasts of Pakistan and India to a port on Malaysia's Strait of Malacca. Experts view this location as a hub for transferring crude oil to vessels bound for China.
"The HUGE case shows how Iranian tankers are evading the U.S. blockade," Samir Madani, co-founder of tanker tracking firm TankerTrackers.com, told Axios. "Going forward, Iran could build additional storage facilities near the Pakistani border and wait for an opportunity to stage a mass breakout from the Persian Gulf."
The Pentagon assessed that the Iranian government is facing unprecedented levels of pressure due to the blockade.
"This blockade operation is achieving the decisive effects we intended," Acting Pentagon Press Secretary Joel Valdez said. "We are delivering a devastating blow to the Iranian regime's ability to support terrorism and fuel regional instability."
