Iranian oil exports come to a halt amid renewed US blockade – report

Iranian oil exports have reportedly ceased due to a renewed US naval blockade, with no tankers loading at Kharg Island, Iran's primary export terminal, since July 31. Shipping and satellite data from intelligence providers like Kpler and Energy Aspects confirm the halt, with Windward noting all three berths at Kharg have been empty for an extended period. This blockade, reimposed in mid-July after an interim agreement to reopen the Strait of Hormuz collapsed, is considered effective, as Richard Bronze of Energy Aspects stated, "The blockade is effective, in the sense that there isn't much tanker traffic going in or out." Despite the economic pressure, Iran is not expected to immediately compromise in negotiations, as Bronze added, "It's pretty clear that the Iranians feel they have the upper hand when it comes to Hormuz." Iran continues to receive revenue from previously shipped cargoes, but this is expected to diminish. The halt may also indicate Iran is reducing oil production to avoid storage overflow. Talks between Iran and Oman are ongoing regarding a new shipping route through the Strait of Hormuz, with the US potentially lifting the blockade and reinstating oil sanctions waivers if an acceptable agreement is reached.