The latest:
Iran’s main oil export terminal has been idle for at least a week, according to shipping tracker Kpler and consultancy Energy Aspects, indicating the renewed US naval blockade has effectively stopped Tehran’s crude sales. Kharg Island fell idle on July 31.
Details:
- The satellite picture:: Maritime intelligence firm Windward said all three Kharg loading bays were empty for a sustained period, with 16 vessels anchored nearby Tuesday.
- The export gap:: United Against Nuclear Iran said no tanker laden with Iranian crude has successfully left the Gulf since July 12.
- Cash still flowing:: Uani said 26 Iran-flagged tankers reached waters off Malaysia, where cargoes are typically transferred before delivery to Chinese refineries.
- Production cuts:: Energy Aspects noted Kharg’s storage tanks are not filling significantly, suggesting Tehran is curbing oilfield output to avoid running out of space.
- The market:: Brent crude traded just under $82 a barrel in London on Friday as traders awaited a deal reopening Hormuz shipping.
Background:
Washington reimposed the blockade on Iranian ports in mid-July after an interim deal to reopen the Strait of Hormuz collapsed. Iran had kept loading at Kharg through six months of war with the US and Israel.
Between the lines:
Richard Bronze of Energy Aspects assessed the blockade is effective but unlikely to force quick concessions, saying Iranians believe they hold the upper hand on Hormuz and will tolerate economic pain. He estimated revenues from cargoes already at sea will dry up within weeks.
What’s next
Iranian foreign ministry officials said they agreed with Oman on coordinates for a new Hormuz shipping route, with a joint statement in final stages. No progress has been reported since Wednesday. A person briefed said a deal would trigger a US blockade lift and sanctions waiver.
