CommoditiesMediumUpdated•Originally published 1 October 2026•Updated 1 October 2026•
1 min read
Iranian Oil Exports via Hormuz Near Zero in September as Rial Hits Record Low
Key Facts
1Declining Iranian oil supplies are forcing independent Chinese refiners to seek more expensive alternatives.
2Tehran faces growing incentives to disrupt the Strait of Hormuz, which is currently carrying 13 million barrels per day.
Iranian crude oil exports through the Strait of Hormuz fell to near-zero levels during the month of September 2026. This supply halt coincided with the Iranian rial hitting new record lows against the US dollar this week, intensifying economic pressure on Tehran.
The sharp decline, driven by a naval blockade, is forcing independent Chinese refiners to secure more expensive alternatives as Chinese demand recovers. Reuters reported that the supply drop is tightening global markets, while OilPrice.com noted that geopolitical tensions are heightening risks in the Strait, which typically carries 13 million barrels per day.