Iranian Oil at Sea Left in Limbo After US Revokes 60-Day Waiver
Tens of millions of barrels of Iranian oil on tankers have been left in limbo after the US walked back a waiver allowing the Islamic Republic to sell the crude. There are around 63 million barrels of Iranian oil currently on the water, either in transit or idling, with most of these ships not indicating a clear destination or signaling that they’re available for orders. The waiver was revoked in retaliation for Iranian attacks on tankers in the Strait of Hormuz, and the oil will now be very difficult to sell, depriving the Islamic Republic of a much-needed source of revenue.
➤ The US has revoked a 60-day waiver that allowed Iran to sell crude oil, leaving tens of millions of barrels stranded on tankers. ➤ This decision, a retaliation for Iranian attacks on tankers, significantly hinders Iran's ability to generate much-needed revenue. ➤ Even before the waiver revocation, Iran faced challenges selling its oil due to discounts, buyer wariness, and existing trade restrictions.
