US strikes new blow to Iran: main source of income under threat

The US naval blockade has virtually halted Iranian oil exports through the terminal on Kharg Island, which handles about 90% of Iran's crude oil exports. According to the Financial Times, no tanker has loaded at the terminal for at least a week, with activity ceasing on July 31. The number of vessels near the island has dropped to 16, the lowest since the start of the month. The blockade resumed in mid-July after the collapse of agreements on the Strait of Hormuz. Iran still receives revenue from previously exported oil, but reserves are limited. Talks with Oman on a new route have made no progress.

The United States has imposed a naval blockade that has virtually halted Iranian oil exports through the key terminal on Kharg Island, which handles about 90% of Iran's crude oil exports. According to the Financial Times, citing shipping tracking companies and satellite imagery, no tanker has loaded oil at the main export terminal for at least a week. Activity at Kharg ceased on July 31, with three main loading berths remaining empty. The number of vessels waiting to approach has sharply declined: this week only 16 tankers were near the island, the lowest number since the beginning of last month. The blockade was resumed in mid-July after the collapse of temporary agreements on shipping through the Strait of Hormuz. Iran still receives money for oil exported earlier, but this source is limited. Dozens of tankers under the Iranian flag have arrived in the Malaysian area to transfer oil before delivery to Chinese buyers. However, Iran will find it difficult to send new shipments and return empty tankers to the Persian Gulf. Kharg's storage facilities are not overflowing, which may indicate a reduction in production. Brent is slightly below $82 per barrel. Iran is negotiating with Oman on a new route, but there is no progress. If an agreement is reached, the US may lift the blockade and restore sanctions waivers.