Has Iranian Crude Become Irrelevant to Global Oil Supply?

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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, according to Bob McNally, president of Rapidan Energy Group. The U.S. reintroduced the blockade in the Gulf of Oman after a deal to make a deal collapsed in July and Middle East hostilities resumed. The blockade had been lifted for approximately three weeks during negotiations.