THE ANACONDA STRATEGY CONTINUES TO SQUEEZE: Iran’s Fleet of Shadow Tankers Has Run Out of Oil After Monthslong U.S. Blockade: Tehran had millions of barrels of crude in tankers in Asian waters that gave it a steady flow of cash. Now, that oil has dried up.

For most of the war, Iran had an invaluable cushion: dozens of oil tankers holding millions of barrels of crude sitting safely in waters in Asia. Tehran steadily sold the oil to China, bringing in billions of much-needed cash.

Now, that floating storage is gone. By mid-October, the reserves were fully depleted, according to analysts at Kpler, as a U.S. naval blockade prevented Iran from replacing the crude it normally sells to Chinese refineries.

“There’s no more oil to discharge to China anymore,” said Homayoun Falakshahi, head of crude-oil analysis at Kpler.

The drop in oil revenue is a further blow to Iran’s struggling economy, already facing runaway inflation and widespread shortages. U.S. Central Command, which is responsible for the Middle East, said Saturday that the blockade has denied Tehran at least $25 billion worth of oil revenue, which will, in turn, constrict Iran’s ability to replace destroyed factories and weapons.

U.S. actions have “imposed devastating costs on Iran’s security apparatus,” said Adm. Brad Cooper, head of U.S. Central Command.

Even as the U.S. pressure has choked off Iranian exports, oil from elsewhere in the Middle East is flowing, recently exceeding prewar levels, as U.S. protection helps secure the passage of non-Iranian oil through the Strait of Hormuz.

The plan is working, though you wouldn’t know it from most press coverage.