Iran oil exports hit six-year low in May amid U.S. Navy blockade

June 5 — Shipping data and analyst estimates show Iran's crude and condensate exports slumped in May to their lowest level in at least six years, after U.S. Navy blockades pushed daily shipments well below 300,000 barrels. Vortexa data put Iran's May exports at about 209,000 barrels per day, down from 1.34 million bpd in April and nearly 1.9 million bpd in March. The figure marks the weakest level since late 2019 to early 2020. Vortexa analyst Claire Jungman cited mounting security risks around the Strait of Hormuz, U.S. Navy actions aimed at vessels entering and leaving Iranian ports, and broad reluctance among shipowners, shipping firms, insurers and counterparties to place ships and crews in the current environment. A separate estimate from Kpler showed a similar drop, putting May exports at 260,000 bpd, also the lowest in six years. (Jin10)