Commodities
US Revives Ancient Mechanism to Confiscate Iranian Oil Tankers
The US Department of Justice is preparing to revive an old mechanism for confiscating Iranian oil tankers as war trophies.
The initiative aims to strengthen the blockade of Iran and compensate for the costs associated with the conflict.
According to Bloomberg, a long-dormant naval court, known as a prize court, will be activated in the federal district court of the Southern District of Texas.
This choice is linked to the large petrochemical complex located in the port of Houston, where significant volumes of confiscated oil can be stored.
The last time the US used such courts was during the Spanish-American War of 1898.