- The U.S. granted a temporary sanctions waiver allowing Iranian crude and products to be sold through Aug. 21 as part of a push toward a wider peace deal.
- Most Asian refiners are already well-stocked, so China's independent "teapot" refineries are likely to be the main buyers amid compliance and payment worries.
- Iranian barrels hitting the water (millions more in transit) are weighing on global markets — Brent has slid roughly 16% in June and producers may cut prices to compete.
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