63 Million Barrels Of Crude Stuck At Sea As U.S. Pulls Iran Sanction Waiver

Iran was struggling to sell its crude to buyers in Asia outside China even before the U.S. rescinded overnight the sanctions waiver that allowed Tehran to sell its oil without penalties.

The Iranian attacks on three commercial vessels in the Strait of Hormuz on Tuesday prompted immediate U.S. reaction with the U.S military striking multiple targets in Iran and the Treasury canceling the waiver on Iran’s oil sales that was supposed to be in place until August 21.

Iran’s oil sales could be constrained again even before they resume.

Since…