US Blockade Strands Millions of Barrels of Iranian Oil at Sea
US naval forces have effectively blocked key Iranian ports, dramatically cutting Tehran’s crude exports. Tankers are idling offshore as onshore storage nears capacity limits. Exports via the Gulf of Oman have plunged over 80% since March, according to shipping analytics. The blockade compounds closures at the Strait of Hormuz, curbing output from Saudi Arabia, the UAE, Kuwait and Iraq. Oil prices have jumped by around $50 a barrel since late February amid global supply fears. Iran now has about 41 vessels with some 69 million barrels it cannot sell, and storage may force production cuts by mid-June.
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