Parliament speaker Bhagher Ghalibaf claims Tehran has offloaded 40 million barrels since the blockade ended, with some reports suggesting the figure could be as high as 50 million. Despite the surplus, Iran is reportedly commanding a 20% premium over pre-war price levels. Data from Vortexa indicates that over 90% of the fleet anchored off the coast lacks a clear destination, often signaling for orders or heading toward Singapore to obscure final delivery points.

Market benchmarks remain sensitive to the shifting diplomatic landscape in Doha. Brent crude recently settled at $70.82, while West Texas Intermediate traded at $67.84. Although a senior Qatari official cited positive progress in indirect U.S.-Iranian talks, traders appear to be discounting the potential for immediate stability, focusing instead on the persistent inventory buildup at sea and the volatility of the Hormuz export route.