Iran Oil Ships Idle as Buyers Hesitate

A large amount of Iranian oil has accumulated aboard tankers at sea, exceeding 58 million barrels by early July, amid Tehran's failure to find buyers before the deadline set by Washington in August. This reflects weak Asian demand, especially from Chinese and Indian refineries, amid fears of a reinstatement of U.S. sanctions and a decline in Iranian oil purchasing activities. Such developments threaten Iran's revenues and its negotiating leverage with Washington. The stranded shipments are concentrated in the Gulf, the Indian Ocean, and the Strait of Malacca. Iran faces obstacles due to European restrictions and hesitant ports, while developments in the U.S. stance and the oil market in Asia are being closely monitored.

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