A renewed U.S. naval blockade has largely halted Iranian crude exports while extreme diesel-market tightness suggests oil prices may still be underpricing the disruption.

A renewed U.S. naval blockade has largely halted Iranian crude exports while extreme diesel-market tightness suggests oil prices may still be underpricing the disruption.

The reinstated U.S. blockade on Iranian oil exports is effectively preventing Tehran from exporting oil, making Iran’s oil volumes irrelevant for global oil market balances, Bob…