Iranian Oil Exports Plunged Over 80% In August As U.S. Blockade Persists, Data Shows

Iran's exports have plunged more than 80% compared to the same month last year due to the U.S.'s blockade, new data shows.

Intelligence firm Kpler showed that Tehran loaded some 260,000 barrels per day so far this month, compared to 1.7 million in the same month of last year.

Most of the drop took place since the U.S. reimposed the blockade on July 14 after the memorandum of understanding with Iran collapsed. Ever since, the country loaded 70% fewer barrels.

The U.S. Central Command said on Thursday that its forces "have redirected 75 commercial vessels, disabled 3 and boarded 2 to ensure compliance" of the blockade since.

Iranian Foreign Minister Abbas Araghchi appeared to call for a return to diplomacy with the U.S., saying it "isn't impossible" even though it requires steps from Washington.

"Putting diplomacy back on track isn't impossible. It hinges on U.S. understanding of one simple fact: pressure doesn't work. The U.S. should build trust, speak respectfully, acknowledge our rights, and uphold commitments," Araghchi said in a social media publication on Friday, in which he also lauded "creative discussions with H.E. the PM/FM of Qatar."

The Iranian Revolutionary Guard Corps said Tehran and Muscat have reached an agreement on the matter, including fees charged for transit. However, the force said, the deal can't move forward unless the U.S. accepts the conditions.

However, President Donald Trump had told press hours earlier that the U.S. doesn't "want to speak with them." "We're not looking to meet or anything," he added in the Oval Office.

The U.S. has chosen to double down on economic pressure against Tehran to achieve its goals. Earlier this week Treasury Secretary Scott Bessent unveiled a plan to impose secondary sanctions on those "enabling" Iran to maintain its economic activity.

Bessent said the plan is called "Operation Economic Outcast" and appeared to say China could be reached by the measures.

"We want to make clear here today that no one is above the reach of U.S. sanctions," he said when asked if the measures could impact Chinese banks or the Trump administration would refrain from doing so to preserve relations with Beijing.

"If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted," he added. Chinese President Xi Jinping is set to meet with Trump in September.