I hear Iran is flaring their wells. Can't sell it and cannot store it.
Nonsense. Flaring only pertains to natural gas when no pipeline exists.
Being a liquid, crude can be readily stored by building massive earthen berms to collect the oil produced by wells.
This was done frequently during the early days of the industry in this country, especially at places having blowouts like the Lakeview gusher in California,

I walked the areas surrounding the large Wafra oil field in Kuwait in the 80s. Pits 50' deep covered half a square mile to contain produced saltwater containing tens of millions of barrels.
The same can be and has been done for oil should the need arise.
Flaring of oil is not an option unless you are trying to sabotage the well.