According to the Wall Street Journal, Iran's floating storage of dozens of tankers holding millions of barrels of crude off Asia was fully depleted by mid-October, according to analysts at Kpler. Tehran had been selling this oil to Chinese refineries for billions in much-needed cash, but a U.S. naval blockade has prevented Iran from replacing the crude it sells. The loss of oil revenue further strains an economy already facing runaway inflation and widespread shortages.
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