US Reimposes Iran Oil Sanctions, Leaving 63 Million Barrels Stranded at Sea
Summary
- The US withdrew sanctions relief on Iranian crude, leaving 63 million barrels of Iranian oil stranded at sea.
- Iran's crude exports are again facing pressure after the abrupt US policy reversal and sanctions from Europe and the US.
- After the US revoked the sanctions waiver, Brent crude, the global benchmark, rose back to around the $76 level.
Forecast Trend Report by Period
About 63 million barrels of Iranian crude are stranded at sea after the US revoked sanctions relief for the country's oil exports.
BlockBeats reported on July 8 that roughly 63 million barrels of Iranian crude were being held offshore as of that day. The reversal followed Washington's decision to withdraw a waiver on sanctions targeting Iranian oil. Most of the tankers are staying in the Persian Gulf and Asian waters and have yet to find buyers.
The US Treasury Department's Office of Foreign Assets Control said on July 7 that it was canceling a 60-day temporary general license issued on June 21 to allow sales of Iranian crude. The step restored sanctions that had been temporarily eased during a 60-day follow-up negotiation period after the US and Iran signed a memorandum of understanding to end the war.
No Asian country other than China is known to have openly purchased Iranian crude. BlockBeats said Iran's oil exports are again facing pressure after the abrupt US policy reversal, along with sanctions from Europe and the US.
International oil prices also resumed their climb after Washington withdrew the waiver. According to TradingView, Brent crude, the global benchmark, rose back to around $76 a barrel on July 8.
hahahm
hahahm@bloomingbit.ioHello