TEHRAN – The international tanker market views the activation of the so-called “snapback” mechanism by three European countries, under U.S. pressure, as having no significant effect beyond existing American sanctions, according to Lloyd’s List.

The London-based shipping journal reported that a decade after the 2015 nuclear deal between Iran and world powers, and the subsequent reimposition of some UN Security Council resolutions, the move has not created fresh concerns in the tanker industry.

Shipping sources said current pressures on oil transport are essentially the same as unilateral measures previously imposed by Washington, meaning no major shift in crude flows is expected.

Analysts noted Iran may expand its floating storage capacity given sustained Chinese demand, though this trend is not directly tied to the snapback. They added that Chinese imports of Iranian oil are unlikely to be affected, as the trade has continued for years under similar restrictions.

The snapback, embedded in UN Security Council Resolution 2231, is a legal tool to reinstate all UN sanctions on Iran if it is deemed to have breached nuclear commitments. The United States first attempted to invoke it in 2020, but the move was rejected by other parties after Washington withdrew from the deal. With European backing and renewed U.S. support, the process has now been revived.

EF/MA