Far from the U.S.warships enforcing a blockade at the mouth of the Persian Gulf, nearly 40 million barrels of Iranian crude are sitting aboard tankers in waters near Malaysia, east of Singapore.The cargo amounts to roughly 20 very large crude carriers’ worth of oil, a floating stockpile that could still give Tehran a way to turn crude already outside the blockade zone into cash even as the blockade sharply restricts fresh exports.The stockpile poses a test for the Trump administration as it moves from military action and a naval blockade toward what the White House calls its financial "endgame" against Tehran.TRUMP’S IRAN CRACKDOWN ‘SUFFOCATING’ REGIME AS OIL WELLS COULD SHUT WITHIN DAYS, BESSENT SAYSOil tankers and cargo ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, Wednesday, March 11, 2026.
(AP Photo/Altaf Qadri)Treasury Secretary Scott Bessent on Sunday launched Operation Economic Outcast, promising a "zero-leakage approach" designed to cut off Iran's remaining sources of revenue after months of pressure on its oil sales, shipping networks and financial enablers.The blockade appears to be making it substantially harder for Iran to export new oil.China’s imports of Iranian crude have fallen to an estimated 534,000 barrels per day so far this month, down from roughly 823,000 barrels per day in July, according to provisional Kpler data reported by Reuters.But millions of barrels that moved beyond the blockade line before it tightened remain within potential reach of buyers.
Iran has an estimated 80 million barrels of crude held in floating storage, Reuters reported, with roughly half aboard vessels near Malaysia.That leaves Washington facing a different challenge: stopping Tehran from monetizing oil the blockade did not trap.If Iran can still turn that crude into cash, the regime can use the proceeds to pay for imports and potentially finance efforts to rebuild its military even as the blockade restricts fresh exp...