October 22, 2026
The Wall Street Journal reported, based on data from the Kpler shipment tracking company, that Iran’s floating oil stock has been almost completely depleted, as a result of the blockade imposed by the US Navy on Iranian ports, in a development that reflects further pressure on global energy markets.
In this context, the newspaper quoted Humayun Falakshahi, head of the crude oil analysis department at Kpler, as saying that “there is no longer oil to unload in China.”
The report indicated that Iran’s floating stock amounted to about 150 million barrels before the imposition of the US blockade last April, declining to less than 50 million barrels by mid-June following the temporary lifting of the blockade following the ceasefire agreement. With the collapse of the agreement in mid-July, the resumption of hostilities and the re-imposition of the blockade, the floating stock fell to only 866 thousand barrels by mid-October.
According to Falakshahi, the American bet is based on pushing the Iranian regime, through economic pressure, either to return to the negotiating table and accept a new nuclear agreement, or to confront widespread internal protests that are difficult to contain.
On the American internal level, the report indicated that the repercussions of the crisis complicate Washington’s political calculations. Fuel prices, especially diesel, remain at record levels, while President Donald Trump’s approval ratings are declining ahead of the midterm elections scheduled for next November. Moody’s estimated the total cost of the war on American families at about $265 billion.
On the other hand, Tehran denied the reports that its economy was about to collapse. The newspaper quoted the governor of the Iranian Central Bank as confirming that “the Iranian economy has shown very good resilience, and the claim that it is collapsing is nothing but an illusion.”
The report concluded by pointing out the ambiguity of diplomatic prospects between the two sides, especially after the Iranian President and his Foreign Minister suggested this week that the United States cannot be trusted, which makes any anticipated peace talks extremely difficult.
