Iran reports $18bn oil sales during conflict, ceasefire with US

Iran‘s Oil Ministry says the country generated $18 billion in oil sales during its conflict with the United States and the subsequent ceasefire, despite earlier claims by senior officials that exports had been halted by a US blockade.

In a statement published on its official website on Saturday, the ministry said it earned $11.5 billion from oil sales during the war and an additional $6.5 billion during the ceasefire, which later collapsed.

According to the ministry, the combined revenue accounted for more than 60 per cent of the oil income projected in the country’s annual budget despite the ongoing crisis.

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“This covers more than 60 per cent of the oil revenues forecast in the year’s budget in the midst of the crisis,” the statement said.

The latest figures contrast with comments made in late June by Iran’s parliament speaker and chief negotiator, Mohammad Bagher Ghalibaf, who said the country had been unable to export oil because of a US blockade on its ports.

The conflict began after US-Israeli strikes on Iran on February 28, prompting Tehran to launch retaliatory attacks against US allies across the region.

Although a ceasefire reached in April largely brought the fighting to an end, hostilities resumed earlier this month as Iran and the United States continued their struggle over control of the strategic Strait of Hormuz, a vital route for global oil shipments.