Crude oil exports from Iran hit the highest level in six years during the first quarter of the year, data from Vortexa cited by the Financial Times has shown.
The news comes as the EU and the United States prepare new sanctions against Iran in a bid to convince Israel to not retaliate against Tehran after the latter's drone and missile attack on Israeli military targets last weekend.
Iran's oil industry would be the no-brainer target for new sanctions as suggested by U.S. Treasury Secretary Janet Yellen.
"Clearly, Iran is continuing to export some oil. There may be more that we could do. I don't want to preview our actual sanctions activities, but certainly, that remains in focus as a possible area that we could address," Yellen said earlier this week as quoted by Reuters.
Analysts have told the FT that the Biden administration is reluctant to tighten the sanction noose too much as this would inevitably lead to an increase in oil prices that a president running for re-election cannot really afford in an election year.
Any heavy-handed action against Iran's oil exports would affect relations with China, which is virtually the only outlet for Iranian crude.
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