63 Million Barrels of Iranian Crude Stranded at Sea After US Revokes Export Waiver

Around 63 million barrels of Iranian crude are stranded offshore with no clear buyers, after the U.S. abruptly revoked a temporary oil sales waiver that restored Iran’s export lifeline.

Vortexa and Bloomberg tracking data confirms around 63 million barrels of Iranian crude are now idle across the Persian Gulf and Asian shipping waters. Most carrying tankers have no confirmed discharge ports and are marked “for sale”, leaving fully loaded cargoes trapped in commercial and regulatory limbo.

The 60-day U.S. sanctions waiver was rolled out in late June under a tentative U.S.-Iran detente, which temporarily allowed unrestricted Iranian crude exports. Washington has now revoked the exemption, retaliating against Iran’s recent tanker attacks that disrupted Strait of Hormuz shipping traffic.

The last-minute policy reversal has cut off Iran’s critical oil revenue stream and undermined core incentives for Tehran to uphold Strait of Hormuz shipping agreements.

Iranian crude already faced weak sales before the policy shift, as ample rival crude supplies erased its usual price advantage. Lingering sanction risks kept global buyers cautious. Iranian traders have actively pitched cargoes to Japanese and South Korean refiners, while Indian buyers are holding out for a possible waiver extension beyond August.

Since the waiver took effect, China has been the only major open-market buyer of Iranian crude. No official purchase records have emerged from other Asian refiners, though sensitive unreported deals may still exist.

Multiple hurdles continue to block stranded cargo sales. Remaining EU and UK sanctions complicate insurance and shipping arrangements, and many ports deny access to Iran’s shadow tanker fleet. With regional refiners already stocked up on Saudi and Iraqi crude, Iran will need to offer steep discounts to clear its massive offshore stockpiles.