At Least 50 Iranian Tankers Are Stuck in the Gulf as U.S. Blockade Holds
The U.S. blockade on Iranian oil exports has so far stranded at least 50 Iranian tankers laden with oil inside the Persian Gulf near Iran’s coastline, U.S.-based non-profit and non-partisan policy organization United Against Nuclear Iran (UANI) said in its latest shipping update this week. After the
Source: OilPrice.com
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DW NOTE
The US has evidently imposed a naval blockade in the Gulf severe enough to trap 50 Iranian tankers — which means it has also trapped roughly 100 million barrels of crude that won't reach buyers who were counting on it. The oil price is down 20% from its yearly high despite the Strait of Hormuz being effectively closed and global supply forecast to fall 6% this year. That's not a market, that's a policy instrument wearing a ticker.