Shadow Fleet Crackdown Tightens Squeeze on Iranian Oil Revenue

The latest round of shadow fleet sanctions is expected to further reduce Iran's crude exports, already estimated at 800,000 barrels per day, down from 1.3 million bpd before the snapback. China, Iran's largest remaining customer, has leveraged Iran's isolation to demand deeper discounts of $10-15 per barrel below market rates. The State Department frames the action as part of National Security Presidential Memorandum 2, targeting Iran's 'shadow banking, money laundering, weapons proliferation, and sanctions evasion networks.'