As tensions escalate between Iran, Israel, and the U.S. amid fragile ceasefire negotiations, the Iranian oil market is facing heightened volatility.

Certain Asian economies that rely heavily on Iranian crude and stable passage through the Strait of Hormuz now face some of the greatest exposure.

This chart visualizes the breakdown of Iran’s crude oil and condensate exports by destination in 2023.

Data comes from the U.S. Energy Information Administration.

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