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Market Chatter: Iran Short of Gasoline as US Port Blockade Prevents Imports

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A US blockade of Iran's ports has left the country unable to import enough fuel to supplement its domestic production, a senior Iranian official said on Wednesday, according to an AFP report published on the Al Arabiya website.

Vice President Mohammad Jafar Ghaempanah told the official news agency IRNA that fuel production was insufficient and that the country was unable to import more due to the blockade.

Iranians have been queueing outside fuel stations in recent days due to the shortages, the report said. The US has now unveiled a more damaging package of sanctions seeking to pressure Iran into reopening the Strait of Hormuz waterway, which has stifled Middle Eastern energy exports since March.

Ghaempanah was critical of Iran's subsidized fuel system, which he said mainly benefits those with more than one vehicle, the article said.

has emailed the Iranian presidency seeking confirmation and comment on the statements.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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