Iran suspends petrochemical exports until further notice

• US-’Israeli’ strikes on key petrochemical hubs forced Iran to halt exports to secure local supply.
• US blocking Iranian shipping squeezes Tehran's export revenues.

Iran has suspended all petrochemical exports to prioritize its domestic supply and prevent a shortage of raw materials, following disruptive 'Israeli' strikes on the country's major production centers.

Protecting the domestic market

The export ban, reported by the economic daily Donya-e-Eqtesad on Thursday, stems from an April 13 directive issued by a senior official at the National Petrochemical Company overseeing downstream industries. Petrochemical firms have been instructed to halt all international shipments until further notice.

The sweeping measure aims to stabilize local markets and guarantee a steady supply to domestic industries following the recent attacks. 

Furthermore, officials have maintained domestic prices for petrochemical products at pre-conflict levels - despite rising global costs - to shield local industries and consumers.

Read more: US military says blockade of Iran ports ‘completely’ halts economic trade

Infrastructure targeted and shipping blocked

The suspension comes in the direct aftermath of recent 'Israeli' strikes that targeted vital petrochemical production hubs in Asaluyeh and Mahshahr. 

The bombardments severely disrupted operations by hitting the utility companies responsible for providing essential feedstock to the plants.

Compounding the pressure on Tehran, the US military began blocking shipping traffic in and out of Iranian ports this week. 

The blockade is designed to choke off Iran's export revenues and maximize leverage as Iranian and American diplomats consider entering a second round of peace talks.

The economic stakes are significant; according to the Fars news agency, Iran typically exports around 29 million tons of petrochemical products annually, generating approximately $13 billion in revenue.