India recently received four million barrels of oil from Iran under a general license issued by the U.S. Treasury three weeks prior that unsanctioned Iranian oil at sea.

The Pentagon reported that it successfully blocked at least four vessels as part of its naval blockade near Iran.

On the previous day, Dated Brent crude closed at $30 higher than ICE Brent futures.

The average transit time for an oil tanker from the Strait of Hormuz to Asia is between 15 to 20 days.

The premium for Dated Brent crude over ICE Brent futures was recently in the order of $25, indicating extreme stress in physical oil markets.

High fertilizer prices are making the commodity unaffordable for some nations, which could lead to food scarcity.

Susan Bell believes that if Iran's trade is blocked, the country intends to retaliate, which would escalate tensions and impact energy markets.

Ship tracking agencies reported that one vessel loaded at an Iranian port was able to get through the U.S. naval blockade.