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Tanker market already impacted by Iranian sanctions

European refineries have already begun opting out of Iranian oil types even though the US will not introduce its sanctions against the country until November.

Photo: DHT

Although the US will not introduce sanctions against Iran until later this year, European refineries have already begun to opt out of Iranian oil. This trend has directly impacted the tanker market.

According to Platts, European refineries' demand for alternatives to Iranian oil such as Basrah Light has increased.

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