Iran’s chief negotiator, Mohammad Bagher Ghalibaf, confirmed that the country exported not a single barrel of oil while a US naval blockade restricted access to its ports.
The statement, made on Tuesday, provides a stark quantification of the supply disruption that has dominated energy market sentiment in recent weeks.
Ghalibaf noted that export activity has since resumed, coinciding with the announcement of a deal to pause hostilities in the broader West Asia conflict.
Ghalibaf noted that export activity has since resumed, coinciding with the announcement of a deal to pause hostilities in the broader West Asia conflict.
The confirmation of a total export halt validates the supply-side fears that had been pricing into crude benchmarks.
With Iranian crude effectively removed from the global market during the blockade period, traders faced a tangible reduction in available supply, amplifying volatility in Brent and WTI.
The subsequent ceasefire agreement aims to stabilize the region, but the immediate impact on inventory levels and shipping routes will take time to normalize.