The United States imposed sanctions on Thursday targeting what it called the remainder of Iran’s “shadow fleet,” a group of tankers used to transport petroleum products to foreign markets.
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The United States imposed sanctions on Thursday on 17 vessels in Iran’s “shadow fleet,” which includes tankers used to transport petroleum products to foreign markets.
The sanctions target what the United States described as “the remainder of Iran’s shadow fleet” used to transport petroleum products.
U.S. President Donald Trump said 22 million barrels of oil crossed the Strait of Hormuz in a single night, while pledging not to attack Iran before the November 3 congressional midterm elections. Brent crude fell to around $102.60 a barrel.
The cost of shipping 2 million barrels of U.S. crude to China in November jumped to $80 million, closing the arbitrage window and prompting Asian refiners to seek alternatives from the Middle East and Latin America.
Oil futures rose in trading, with Brent crude up 4.99% at 105.20 dollars per barrel and U.S. West Texas Intermediate crude gaining 5.06% to 92.75 dollars, amid concerns over disruptions to Middle East supplies.
The United States has imposed new sanctions on individuals, networks and 17 vessels linked to the transport of Iranian crude oil, petroleum products and petrochemicals, in a move aimed at reducing Tehran’s energy-export revenues.
