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US Expands Sanctions on Iran's Oil Sector Over Second Attack on Israel

Oct 11, 2024, 06:40 PM

Iran's oil exports have significantly decreased amid escalating tensions with Israel. The decline, which saw exports drop to around 600,000 barrels per day in the first 10 days of October, comes as the country prepares for a potential retaliatory strike on its oil facilities. This follows Iran's large-scale missile attack on Israel on October 1, its second direct attack this year. In response, the United States has expanded its sanctions on Iran's petroleum and petrochemical sectors, adding 16 entities and 23 ships to its Specially Designated Nationals list. The U.S. Treasury emphasized that these measures are aimed at disrupting Iran's ability to fund and conduct destabilizing activities.