The US naval blockade in the Gulf of Oman has been a game-changer for Iran's oil industry. Since its implementation on April 13, 31 tankers carrying 53 million barrels of crude have been unable to move, resulting in a staggering loss of $4.8 billion in revenue. This is a significant blow to the Iranian economy, which relies heavily on oil exports.

Analysts believe that the crisis will worsen as Iran's on-land storage reaches capacity. With no fresh tankers arriving to replace the existing ones, the country has started using older vessels as temporary storage facilities. This stopgap measure may delay the crisis but won't resolve it. Experts estimate that Iran is 'several weeks' away from running out of storage space, at which point oil wells would need to be shut down.

While some Iranian tankers have found ways to bypass the blockade, these workarounds come with a hefty price tag. Others have taken longer, costlier routes to reach their destinations. Tanker tracking firm TankerTrackers has identified the 'HUGE' Iranian tanker as a model for evasion. As storage capacity dwindles, Iranian tankers may attempt a coordinated break or a single mass transit attempt to offload their cargo.

The US blockade has been labeled a 'cold war phase' of the conflict, with both sides using maritime chokepoints as economic weapons. Acting Pentagon press secretary Joel Valdez has hailed the blockade as a success, stating that it's 'inflicting a devastating blow to the Iranian regime's ability to fund terrorism and regional destabilization.'