Search ForexCrunch

The US Department of Justice (DOJ) announced on Friday that the US disrupted a multi-mullion dollar fuel shipment by Iran’s Revolutionary Guard bound for Venezuela.

Additional takeaways from the statement

“Executed a seizure order by a US court and confiscated cargo totalling approximately 1.116 million barrels of petroleum from four vessels.”

“After enforcement of the US forfeiture order, Iran’s navy forcibly boarded an unrelated ship in an apparent attempt to recover seized petroleum.”

“Action was the US government’s largest-ever seizure of fuel shipments from Iran.”

“With the assistance of foreign partners, seized property is now in the US custody.”

Market reaction

Crude oil’s reaction to this development was largely muted. As of writing, the barrel of West Texas Intermediate (WTI) was down 0.65% on a daily basis at $42.05.