Suara Sherif
US sanctions and a tightening blockade on Iranian oil exports have deepened Tehran’s economic crisis and helped push global crude prices toward $100 per barrel amid renewed Middle East tensions.
Brent crude, the international benchmark, rose to $97 per barrel on Thursday before settling at $95.50, according to Oilprice.com, as fears over tighter Iranian supply weighed on global availability.
The price rally followed Washington’s intensified campaign to cut off Iran’s access to international financing and block efforts to circumvent sanctions, Reuters reported.
Three senior Iranian sources told Reuters the latest measures are proving increasingly difficult to withstand, with Tehran facing shrinking channels for securing foreign currency and importing essential goods.
Iranian crude loadings have collapsed to about 260,000 barrels per day this month, down from roughly 1.7 million bpd a year earlier, according to commodity analytics firm Kpler.
The squeeze has effectively cut off Tehran’s primary source of revenue, even as some energy shipments continue to move through the Strait of Hormuz.
The development has raised fresh concerns over the impact on global oil markets, particularly as conflict risks disrupt energy supplies and shipping through the strategic waterway.
