International Energy Agency (IEA) reports or other credible energy market reports

US Expands Sanctions on Iran's Oil Sector Over Second Attack on Israel, Adding 16 Entities and 23 Vessels

Oct 11, 2024, 06:44 PM

The United States has expanded its sanctions on Iran’s petroleum and petrochemical sectors in response to the country's October 1 missile attack on Israel, which marks the second direct attack on Israel this year. The U.S. Treasury announced the addition of 16 entities and 23 vessels to its Specially Designated Nationals list. This move aims to further disrupt Iran's ability to fund and carry out destabilizing activities. Iran's crude exports have dropped significantly to around 600,000 barrels per day in the first 10 days of October, about a third of recent months' volumes. The sanctions are part of a broader effort to curtail Iran's financial resources used to support missile programs and terrorist groups. National Security Advisor Jake Sullivan highlighted measures against the 'Ghost Fleet' that carries Iran's illicit oil to buyers around the world.