*Doj Says Millions In Iranian Oil Proceeds Laundered On BINANCE: BBG
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The US revoked waivers for Iranian oil sales, leaving approximately 63 million barrels of Iranian crude oil stranded at sea.
According to Mars Finance, on July 8th, Bloomberg cited Vortexa data, after the US revoked waivers for Iranian oil sales, approximately 63 million barrels of Iranian crude oil are currently stranded at sea, with most tankers anchored in the Persian Gulf and Asian waters, and no buyers have yet been found. Previously, the US had allowed Iran to sell crude oil within 60 days without sanctions, but this week revoked the waivers citing Iran's attack on tankers in the Strait of Hormuz, resulting in a significant amount of already loaded crude oil facing sales difficulties. Market analysts stated that Iranian crude oil exports are once again under pressure due to factors such as sudden changes in US policy, European and American sanctions, and insurance restrictions. Apart from China, no Asian refineries have publicly purchased Iranian crude oil, and industry insiders expect Iran may need to further increase discounts to attract overseas buyers.
Bitunix Analyst: Canceling Iranian Oil Waivers and Deteriorating Hormuz Situation Increase Risk Asset Volatility
According to BlockBeats, on July 8th, global markets were focused on the renewed deterioration of the situation in the Middle East. The US not only expanded its military strikes against Iran but also revoked waivers for Iranian oil sales, further escalating security risks in the Strait of Hormuz. International oil prices surged by approximately 5%, reflecting the market's re-inflation of energy supply uncertainty. The situation is no longer just a simple military conflict; rather, it involves a simultaneous increase in risks to energy transportation and the global supply chain. Iran continues to strengthen its claims to control the Strait of Hormuz, while the US military has raised the local shipping threat level to "serious," indicating that global energy transportation remains highly volatile. On the other hand, Saudi Arabia's plan to expand its Red Sea oil pipeline shows that major oil-producing countries have already planned alternative transportation routes to reduce their dependence on the Strait of Hormuz. Regarding monetary policy, New York Federal Reserve President Williams stated that lower energy prices have helped improve short-term inflation, but policy remains in an appropriate position. He did not provide clear guidance on future interest rate direction, and the Fed will continue to adjust policy based on economic data. It is worth noting that the risks in the US technology sector have also increased simultaneously. Nasdaq 100 volatility has reached a two-decade high, with AI-related trading remaining highly concentrated. Some Wall Street institutions have begun using options for hedging and are gradually shifting funds towards defensive sectors such as healthcare and consumer staples, reflecting profit-taking pressure on highly valued tech stocks. In the crypto market, Bitcoin remains range-bound. Short-term market liquidity is mainly concentrated in four key liquidation zones: $62,500 and $60,000 on the downside, and $64,300 and $67,700 on the upside. With continued macroeconomic disruptions, prices may still see liquidity liquidation around highly leveraged positions, and short-term volatility is expected to remain high. The market will continue to monitor developments in the Middle East, oil prices, and global risk sentiment.
Less than 20 days after the ceasefire between the US and Iran, the situation has changed again: the US has intensified its attacks on Iran, revoked oil waivers, and increased the scale of its strikes fivefold.
PANews reported on July 8 that, according to Jinshi News, the United States launched a new round of airstrikes against Iran and revoked a waiver allowing it to sell oil globally. This move further jeopardizes the peace agreement between the two countries following frequent attacks on ships in the Strait of Hormuz. The U.S. Central Command issued a statement on the X platform stating that this "powerful strike" was intended to "impose a heavy price on attacks and harassment of merchant ships carrying innocent civilians in international waters," and that Iran's aggression was "unjustified, dangerous, and a clear violation of the ceasefire agreement." According to the U.S. Treasury Department's Office of Foreign Assets Control on July 7, the U.S. revoked a general license authorizing the sale of Iranian oil, with the remaining transactions allowed to continue until midnight Eastern Time on July 17.
The US military resumed strikes against Iraq and imposed oil sanctions.
According to BlockBeats, on July 8, the U.S. Central Command announced that its forces had initiated a series of powerful strikes against Iran in response to Iranian targeting and attacks on commercial shipping operated by civilian crews in international waterways. The U.S. Central Command stated that the strikes were a response to Iranian attacks on three merchant ships transiting the Strait of Hormuz, and that Iran's aggression was "unjustified, dangerous," and a "clear violation of the ceasefire agreement." U.S. officials stated that the strikes against Iran were a "punitive action, not a reciprocal response," and that the operation "will not end anytime soon." Simultaneously, the U.S. revoked a general license authorizing the sale of Iranian oil, allowing related final transactions to continue until midnight Eastern Time on July 17. This news caused international oil prices to rise. U.S. Treasury Secretary Bessenter had announced on June 22 that, as part of the framework of U.S.-Iran negotiations, the U.S. Treasury Department had issued a 60-day general license authorizing the production, delivery, and sale of Iranian oil. According to a statement released that day by the U.S. Treasury Department’s Office of Foreign Assets Control, the production, delivery and sale of Iranian crude oil, petrochemicals and petroleum products, which had been prohibited by several U.S. executive orders and regulations, have been exempted until August 21, 2026.
Iraqi Revolutionary Guard takes action against oil tanker in waters off the Omani side of the Strait of Hormuz.
According to CCTV, Odaily Odaily reports that on the 7th local time, Iranian sources stated that the Iranian Islamic Revolutionary Guard Corps took action against an oil tanker in the waters off the Omani side of the Strait of Hormuz. The report also stated that, according to satellite monitoring data, US air power was providing air cover in the relevant waters when the tanker was intercepted.
The US-Iran peace agreement has released a large amount of crude oil supply, reigniting concerns about a global supply glut.
Odaily Odaily reports that with the US-Iran peace agreement releasing a large supply, oil prices have fallen across the board, with demand unable to absorb the impact, reigniting discussions about a crude oil oversupply. This is a stunning reversal; less than three months ago, major global physical crude oil benchmark prices hit record highs; and just weeks ago, senior industry executives were warning that global inventories had fallen to extremely low levels due to the Iranian crisis. In addition to the immediate impact of the reopening of the Strait of Hormuz, analysts from institutions such as Morgan Stanley and Goldman Sachs have warned this week of the risk of a supply glut next year. "The overwhelming sentiment in the market right now is bearish," said Kit Haynes, head of oil research at energy consultancy Energy Aspects. Even before the US and Iran signed a memorandum of understanding in mid-June to reopen the Strait of Hormuz, suppliers in the Persian Gulf were already increasing shipments. In the weeks following the agreement, more than 60 million barrels of crude oil stranded due to the outbreak of war flooded the market. (Jinshi)