Iran’s Kharg Island oil terminal remains idle amid US naval blockade: FT

TEHRAN, Aug 8: Iran’s oil exports appear to have sharply declined under a renewed US naval blockade, with no tankers loading at Kharg Island, the country’s main crude export terminal, for at least a week, the Financial Times reported.

Kharg, which handles about 90% of Iran’s crude exports, has reportedly been inactive since July 31, according to shipping and satellite data cited by the newspaper. Maritime intelligence firm Windward said all three of the terminal’s loading berths had remained empty for an extended period.

“The blockade is effective, in the sense that there is not a lot of tanker movement in or out,” Richard Bronze of Energy Aspects told the FT.

The disruption is among the longest since the conflict began and could be forcing Iran to reduce oil production as storage facilities approach capacity, the report said.

Iran continues to receive revenue from oil cargoes that departed during the ceasefire and are now reaching buyers in Asia. However, that source of income could decline in the coming weeks if exports remain disrupted.

The pressure comes as Iran and Oman negotiate arrangements for commercial shipping through the Strait of Hormuz. According to a person briefed on the talks, an agreement acceptable to the parties could potentially prompt Washington to lift the blockade and restore a sanctions waiver allowing buyers to purchase Iranian crude.