Iran ships record oil volumes, shaking global markets

Iran has ramped up its oil exports by almost 50% in the wake of recent Israeli airstrikes, rushing to unload its storage tanks and sell as much crude as possible, Bloomberg reports.

After the Israeli strikes on June 13, Iranian oil exports surged to 2.33 million barrels per day — a 44% increase over the average so far this year, according to analysts at TankerTrackers.com, who monitor shipping routes of the so-called “shadow fleet.”

The country’s largest terminal on Khark Island is currently operating at full capacity, an unusual situation during a period of active exports. Experts believe Iran is trying to spread its risk and move as much oil as it can before losing control over its logistics.

“It seems very clear what they’re doing,” Madani said of Iran’s approach. “They’re trying to get out as many barrels they can but with safety as their number one priority.”

Meanwhile, the Strait of Hormuz, a critical chokepoint for much of the Persian Gulf’s oil exports, remains open. Its continued accessibility is vital to maintaining stability in global oil supplies.

• The direct military conflict between Israel and Iran, which do not share a border, is escalating and starting to involve other countries.