Iran Oil Exports Drop to Zero Amid Negotiations

Iran's crude exports have dropped to zero in September from 893,000 barrels per day in July due to U.S. naval blockades. Negotiations involving a Qatari mediator are ongoing, with Iran outlining conditions to end a seven-month war, including easing of military pressure. Shipping traffic through the Strait of Hormuz is considerably below normal, averaging 6.98 million barrels a day compared to a pre-war baseline of 18.3 million barrels. This situation affects global oil supply, with Brent crude futures at $98.37 per barrel and West Texas Intermediate at $89.16 per barrel, indicating market sensitivity to diplomatic developments.

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