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Iran is rushing to export oil amid surging tensions with the US:
Iranian crude exports jumped +200% MoM, to 20 million barrels between February 15-20.
This is equivalent to over 3 million barrels per day, far above Iran's usual daily exports.
Satellite imagery confirms the spike, with tankers near Iranian ports more than doubling from 8 to 18 over the same period.
The same pattern was seen last year, when Iran rushed to ship crude shortly before American air strikes, and again in 2024 during elevated tensions.
Iran largely depends on oil revenue to keep its economy running and is loading as much crude as possible before any potential disruption.
Iran is preparing for volatility.