Iran Oil Exports Plunge to Six-Year Low as Blockade Tightens Global Supply

Iran's crude exports collapsed to just 209,000 bpd in May, the lowest in six years, after a U.S. naval blockade halted shipments. This follows record U.S. exports of 5.6 million bpd in May driven by Middle East disruptions, rising Venezuelan and Russian western-port shipments, and an 8 million barrel U.S. crude inventory draw confirmed by the EIA on June 3. Brent surged to $98.24 as physical balances tighten despite offsetting gasoline builds and softer demand signals.