Has Iranian Crude Become Irrelevant to Global Oil Supply?

The reinstated U.S. blockade on Iranian oil exports is effectively preventing Tehran from exporting oil, making Iran’s oil volumes irrelevant for global oil market balances, Bob McNally, president of Rapidan Energy Group, told CNBC on Thursday. The U.S. brought back the blockade in the Gulf of Oman aimed at preventing Iran from exporting its oil after the ‘deal to make a deal’ collapsed in July and hostilities in the Middle East returned. The blockade, which the U.S. had lifted for about three weeks while negotiations were being…