US Blocks Iranian Oil Sales – 60 Million Barrels Stranded at Sea

The US Treasury Department has revoked the waiver allowing Iranian oil to be traded in US dollars on global markets, following projectile strikes on tankers attempting to cross the Strait of Hormuz. More than 60 million barrels of Iranian crude are now stranded at sea with no clear buyers. The move marks a significant tightening of sanctions against Iran amid escalating Gulf tensions.