The US Revokes Iran Oil Sales Waiver, Around 63 Million Barrels of Iranian Crude Stranded at Sea

BlockBeats News, July 8th, according to Bloomberg citing Vortexa data, around 63 million barrels of Iranian oil are currently stranded at sea after the US revoked Iran's oil sales waiver. Most oil tankers are lingering in the Persian Gulf and Asian waters, waiting for buyers. Previously, the US had allowed Iran to sell oil within 60 days without facing sanctions. However, this week, the US revoked the waiver citing Iran's attack on oil tankers in the Strait of Hormuz, causing a significant disruption to the already loaded crude oil sales.

Market participants indicate that Iranian crude oil exports are once again under pressure due to the sudden change in US policy, Western sanctions, and insurance restrictions. Apart from China, no Asian refineries have publicly purchased Iranian oil yet. The industry expects Iran to potentially offer additional discounts to attract overseas buyers.