IRAN FLOATING OIL RESERVES IN ASIA RUN DRY UNDER US NAVAL BLOCKADE , WSJ REPORTS

What happened: Iran's floating oil reserves in Asian waters were fully depleted by mid-October under the US naval blockade, the Wall Street Journal reports, cutting off sales to China. Key numbers: Blockade denied Iran at least $25 billion in oil revenue, per US Central Command. Why it matters: Chinese refiners, especially independents, are buying more from Brazil and West Africa, which could tighten Atlantic Basin grades and lift premiums. With revenue shut off, Tehran has more incentive to use energy disruption as leverage, keeping a geopolitical risk premium in crude.

Iran's floating oil reserves in Asian waters were fully depleted by mid-October under the US naval blockade, the Wall Street Journal reports, cutting off sales to China.

Chinese refiners, especially independents, are buying more from Brazil and West Africa, which could tighten Atlantic Basin grades and lift premiums. With revenue shut off, Tehran has more incentive to use energy disruption as leverage, keeping a geopolitical risk premium in crude.