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The U.S. imposed a new round of sanctions on Iran, causing oil flow through the Strait of Hormuz to drop significantly to 4 million barrels per day.
According to CCTV News, the U.S. Treasury Department on October 8, Eastern Time, imposed a new round of sanctions on 17 vessels transporting Iranian crude oil, petroleum products, and petrochemicals. Officials estimate that approximately 20 million barrels of Iranian crude oil are stranded on these vessels, and Iran has ceased loading and unloading operations for crude oil ships. According to the Financial Times, oil flow through the Strait of Hormuz has significantly declined, reaching only 4 million barrels per day this Tuesday, far below the approximately 15 million barrels per day in late September.
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