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Source:
الاقتصادية
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Markets Eye Historic Sanctions on Iran
Iran is facing a significant crisis in its oil exports, as shipments to Asia have fallen to nearly zero levels. This has caused shipping costs to surge to their highest in years, even before the US administration imposed additional measures to economically isolate Tehran. As a result of the American sanctions, many Iranian oil tankers remain stranded inside and outside the Gulf, with less than 4 million barrels available for sale in the Gulf region—equivalent to the cargo of two giant oil carriers. Meanwhile, the value of the Iranian currency has plummeted to its lowest point against the dollar. The United States is preparing to launch the largest economic isolation operation in history, targeting Chinese refineries and banks, amid expectations of a severe supply shortfall and rising oil prices.
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