World News
US Congress Seeks to Sanction Ports and Refineries Taking Iranian Oil
The US Congress is seeking to target ports and refineries taking Iranian oil for sanctions.
US lawmakers included the sanctions plans in its aid package for Ukraine, Israel and the Indo-Pacific last week.
The package would impose sanctions on ports, ships and refineries that 'knowingly engage' in the handling of Iranian crude oil and refined products.
Ships found to be breaking the rules would be banned from visiting US ports for two years.
If passed by the Senate and signed by Joe Biden, the plan would amount to a significant widening of the scope of sanctions passed on the Iranian oil industry so far.
Iranian fuel oil has been widely reported to have been resold in the bunker markets of ports in the region for years, as well as being exported further afield.
Crude exports from Iran have also continued to flow despite the imposition of sanctions, often on ships disguising their origin and destination in AIS data.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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