Nearly six million barrels of Iranian crude oil valued at approximately $600 million are en route to the United States after being seized by naval forces, according to fortune.com. The oil is being transported on three very large crude carriers, each capable of holding two million barrels. The tankers, linked to Iran, were intercepted in the Indian Ocean earlier this year and are now crossing the Atlantic Ocean toward the US.
The three tankers named Tifani, Majestic X, and Lenore (also known as Davina) were boarded between April and June as part of a US naval blockade initially imposed by former President Donald Trump. The Tifani and Majestic X are currently off the coast of Brazil, while the Lenore recently cleared the Cape of Good Hope heading west into the Atlantic. The blockade targets ships attempting to enter or leave Iranian ports and applies globally, including the Indian and Pacific Oceans, according to fortune.com.
The US is enforcing the seizure under an ancient legal framework known as prize law, which dates back to the Middle Ages. This law allows the government to claim ownership of enemy property captured at sea during wartime, differing from civil seizure laws that require identification of specific violations. The move reflects a shift in US strategy toward economic warfare against Iran, focusing on maritime interdiction rather than direct military action. Brent crude futures are trading near $106 per barrel, underscoring the significant value of the seized oil.
The tankers' arrival in the US marks a notable enforcement of prize law in modern times, with the oil valued at nearly $600 million. The US naval blockade was reimposed after a brief summer ceasefire, intensifying efforts to restrict Iran's oil exports. The Tifani and Majestic X remain off Brazil's coast, while the Lenore advances across the Atlantic, as reported by fortune.com.