#Cargo

Iran Oil Surges as Seven Supertankers Sail After Blockade Lifts

Seven supertankers carrying around 14 million barrels of crude departed from Iran's Chabahar port on Friday following the lifting of a months-long US naval blockade, according to Bloomberg shipping data. The memorandum of understanding between Washington and Tehran is set to ease the biggest oil supply disruption in history, with prices having dropped roughly 37% from April's four-year high. Iranian officials anticipate swift rebound in flows as the country's output was only briefly reduced during the conflict.