Iran’s oil exports fell by more than 90% in May, as U.S. maritime enforcement of an American naval blockade severely disrupted Tehran’s sanctions‑busting network of ghost fleet tankers. Exports have fallen to record lows, with both total volumes and the number of loadings markedly reduced compared to previous months in 2026. Throughout the entire month, UANI recorded only four naphtha exports and an undetermined but limited volume of liquefied petroleum gas (LPG). No crude oil exports departed Iranian waters and successfully passed through the U.S. blockade.