US Naval Blockade Hammers Iran Oil Exports, Forces Floating Storage

AI Summary

The U.S. has implemented a naval blockade on Iranian ports, significantly reducing Iran's oil exports and resulting in a considerable backlog of crude oil on tankers. As storage availability diminishes, the situation is prompting concerns over the management of floating storage.

A U.S. naval blockade of Iranian ports has shrunk Tehran's oil exports, stranding a growing stockpile of crude on tankers as Iranian storage sites run out of space…