World News
US Revokes Iran Oil Sanctions Waiver Amid Strait of Hormuz Attacks
The US has revoked the sanctions waiver that had allowed limited sales of Iranian crude oil and petroleum products, following recent attacks in and around the Strait of Hormuz.
Companies that relied on the exemption now have until July 17 to complete and wind down any transactions that were already underway, according to a notice issued by the US Treasury's Office of Foreign Assets Control (OFAC) on Tuesday.
The Treasury added that General License X, which was issued on June 21, has been revoked and replaced by General License X1, effective July 7.
The new licence only allows companies to wrap up previously authorised business and does not permit any new purchases, shipments or sales of Iranian crude oil, petroleum products or petrochemical products.
A new tanker attack was reported off the coast of Oman on Monday, forcing the US forces to carry out strikes against Iran on Tuesday.
"U.S. forces struck Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and more than 60 Islamic Revolutionary Guard Corps small boats in and near the strait to degrade Iran’s ability to continue attacking international commerce flowing through the international trade corridor, US Central Command confirmed in a social media post today.
“Iran recently attacked three commercial vessels transiting the strait including Marshall Islands-flagged M/T Al Rekayyat, Saudi Arabia-flagged M/T Wedyan, and Liberian-flagged M/T Cyprus Prosperity."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 865.50 | 8.50 | 1289.50 | 14.50 |
| Rotterdam | 686.50 | 12.00 | 1390.00 | 40.00 |
| Houston | 740.50 | 7.50 | 1388.00 | 1.50 |
| Fujairah | 963.50 | 12.50 | 1666.50 | 19.50 |
| Global 20 Ports Average | 876.00 | 6.00 | 1520.50 | 13.50 |
| Global 4 Ports Average | 814.00 | 10.00 | 1433.50 | 18.00 |
| Global Average Bunker Price | 935.00 | 3.00 | 1594.00 | 14.00 |
Poll
Earlier this year there were concerns over a bunker supply squeeze as a result of Hormuz disruption. With no off-ramp in sight and conflict spreading across the Middle East, should buyers and suppliers be worried again?
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