US blockade strands 1.8m barrels a day of Iranian crude oil

Tehran forced to rely on decommissioned tankers for storage, analysts say

Satellite image of waters off Kharg Island, Iran, taken on April 18 by ESA’s Sentinel‑2 satellite (Image via Copernicus Browser, processed by Nikkei)

NEW YORK/HOUSTON, Texas -- Iranian crude oil has lost access to markets in Asia as a result of a U.S. Navy blockade of the Strait of Hormuz, leaving Tehran scrambling to find storage space for the oil it is still producing.