South Korea represents the potential limits of Western pressure on Iranian exports. A form of barter set up by Iran provides an incentive to keep—or in the case of Seoul, to resume—its crude purchases.
The issue not discussed here is that Iran is having to ship the oil to its customers as opposed to the other way around. To get S. Korea to buy again, skirting the insurance issue, this is what they have to do.
The attack on both HSBC and Standard Chartered Bank by u.S. regulators is part of this grand plan to isolate iran. the more the U.S. spends on this folly the quicker we will reach our terminal moment. Singaporean importers are buying Iranian Fuel Oil again as well.
Let's see it there's an 'incident' of piracy' in the next few weeks.