U.S. Seizure of Iranian Oil Worth Nearly $600M Nears Completion

The U.S. may soon receive nearly $600 million worth of Iranian oil that was seized earlier in the war, as three tankers linked to Iran make their way toward the country after being boarded by naval forces.

The Tifani and Majestic X are now off the coast of Brazil, while a third ship, Lenore, has cleared the Cape of Good Hope at the southern tip of Africa and is headed west into the Atlantic. The tankers are very large crude carriers that can each hold 2 million barrels of crude.

Brent futures are currently trading at about $106 per barrel, putting the value of the seized oil at nearly $600 million. The U.S. initiated its naval blockade in April, targeting ships attempting to enter or leave Iranian ports and vessels linked to Iran anywhere in the world.