Iran holds 58 million barrels of unsold crude in floating storage as buyers hesitate, yet prices remain elevated.
Iranian crude oil is trading at a 20% premium despite a growing stockpile of unsold barrels at sea. Data shows 58 million barrels are currently in floating storage, with over 90% lacking a clear destination, signaling buyer reluctance.
Most tankers are marked for Singapore or “for orders,” suggesting potential ship-to-ship transfers in the Malacca Strait. The buildup contrasts with persistent price premiums, reflecting ongoing market tightness amid geopolitical risks.
No immediate market reaction was reported, though the storage surge may pressure prices if demand weakens further.