03 December 2024: 16:30 GMT
If you’re scratching your head wondering at the major flat price rally this afternoon, worry no more! The US Treasury announced the imposition of sanctions on yet more (35!) vessels and entities involved in Iran’s “illicit” oil trade, as the uber legal, no pardon for anyone US would say. These include Iran flagged ships alongside Guyana registered vessels and the Ceres I from São Tomé and Príncipé. From the mid-$72 range at lunchtime, we climbed towards the high $73/bbl level by late afternoon. There’s reason behind chaos! (OFAC sanction list: https://home.treasury.gov/news/press-releases/jy2734)
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