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Pakistan, which has mediated between Tehran and Washington, said that an immediate ceasefire between Iran and the US had taken effect.
" The entire country could be taken out in one night, and that night might be Tuesday night,” he said.
The ongoing military escalation in the region has disrupted shipping flows through this narrow passage.
The IEA did not set out a timeline for when the stocks would hit the market
China in particular is the world's largest buyer of Iranian oil and has a close relationship with Tehran.
