US-Iran tensions escalate again, Iran urgently ships out about 11 million barrels of crude oil

As tensions between the U.S. and Iran escalate again and U.S. President Donald Trump threatens to reinstate a blockade on Iranian ports, Tehran has urgently dispatched tankers over the past 24 hours to export about 11,000,000 barrels of crude oil. Approximately 11,000,000 barrels of crude oil is roughly equivalent to Iran’s weekly export volume before the war, but it is still unclear whether these cargoes can find buyers. Earlier this week, after the U.S. revoked the sanctions waivers that had allowed Iran to sell crude oil, tankers loaded with tens of millions of barrels of Iranian crude oil were effectively left in a “destination unknown” status.

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