Ten days into the U.S.-Israeli Operation Epic Fury against Iran, which has forced shut-ins at major Gulf oil and gas facilities, disrupted production at key oil fields, sent stockpiles soaring, sparked a global energy crisis (Brent crude hit $119/bbl highs overnight) and severely disrupted commercial shipping through the Strait of Hormuz, the world's most critical energy chokepoint, new satellite imagery data from TankerTrackers, first cited by Bloomberg, suggests Tehran has recently moved substantial volumes of crude through the waterway.

Geospatial intelligence data from TankerTrackers estimates that Iran-linked tanker flows through the Strait of Hormuz have topped nearly 12 million barrels since Feb. 28, the start of Operation Epic Fury. Because the data is delayed, updated satellite imagery may only suggest that the actual figure is much higher.

TankerTrackers' data is notable because much of the traffic through Hormuz has been paralyzed, sending Brent crude futures to nearly $120/bbl in overnight trading. The firm's data is useful for tracking Iran-linked dark fleet tankers that switch off their transponders.

On X, TankerTrackers reported that a Suezmax tanker that recently went dark by switching off its transponder while transiting the Strait has switched it back on and is now headed to India.

Two days before Operation Epic Fury began, we told readers that Iran was rushing crude onto tankers in anticipation of an incoming conflict.

We noted last week that as long as Iranian crude continues to flow, pressure will only build on the Trump administration to address Kharg Island, Tehran's main export hub, where roughly 80% to 90% of the country's crude is loaded onto tankers.

Kharg Island remains one of the IRGC's most important financial lifelines, and if the administration is serious about dismantling the regime's funding pipeline, the export island will become difficult to ignore. Whether that means bombing it, seizing it, or pursuing some other option is a separate question entirely. But we do think the conversation will soon shift to pathways for the US to control Kharg Island.