Iran warns of ‘devastating’ response to impending US sanction barrage

1 hour agoBuyers face ‘virtually no new supplies’ of Iranian oil amid US blockade, says analyst

Buyers of Iranian oil face “virtually no new supplies” as the U.S.’s naval blockade in the Strait of Hormuz chokes Iran’s export capacity, Kpler Senior Crude Oil Analyst Muyu Xu wrote in a LinkedIn post.

China, by far the biggest importer of Iranian oil, lowered its imports significantly, importing an estimated 534,000 barrels per day (bpd) in August compared to an estimated 823,000 bpd in July, according to Reuters.

Xu estimated that 40 million barrels of Iranian oil are floating on ships in Malaysian waters, though she also said most of it was likely already promised to buyers.

“This suggests buyers could face virtually no new Iranian supplies available for late-September delivery onwards since no laden Iranian tankers have so far managed to ‌break through ⁠the US blockade,” Xu wrote on LinkedIn.