Iran is selling oil at 20% premium as U.S. blockade removal frees up sales
A cargo ship is seen along the Gulf of Oman on June 28, 2026, off Khor Fakkan Container Terminal, the only natural deep-sea port in the region and one of the major container ports in the Emirate of Sharjah.
– | Afp | Getty Images
Iran has exported more than 40 million barrels of crude oil since the United States lifted its naval blockade of Iranian ports and is now selling the oil at prices about 20 percent higher than before the war, parliament speaker and chief negotiator Mohammad Bagher Galibaf said Tuesday.
The United States and Iran signed a memorandum of understanding on June 17 to end the nearly four-month war and reopen the Strait of Hormuz, beginning 60 days of negotiations to work on a permanent peace agreement. After Iran attacked two transiting ships over the weekend, the two sides exchanged attacks for a short time.
The ceasefire led to a surge in crude oil shipments through the vital waterway, where traffic was largely halted during the conflict, and oil prices fell sharply.
“We have exported more than 40 million barrels of oil since the day the sea blockade was lifted,” Galibaf said. Television interview broadcast on the Telegram channel. The official added that Iran was unable to export even a single barrel during the nearly two-month blockade before the deal.
Tanker tracking company TankerTrackers.com He said on Wednesday that he estimated Iran had exported 50 million barrels of crude oil since the United States lifted a naval blockade of the country’s energy exports two weeks ago. The company uses satellite imagery, coastal photography and a real-time automatic identification system to track ship movement.
Brent crude oil It traded around $73 a barrel on Wednesday as diplomatic progress and expectations of a Gulf supply recovery weighed on prices; It is down almost 40% since the battle high of $118 in April. Iranian crude oil sold discount of $10 to $15 per barrel It was below Brent before the war to compensate buyers for sanctions risks, according to Gregory Brew, senior analyst at Eurasia Group.
Iran agreed to allow ships free passage through Hormuz for 60 days under the memorandum of understanding, but insisted it retain control over the administration of the waterway.
Galibaf said, “The sovereignty of the Strait of Hormuz belongs to Iran and Oman, and traffic in the strait is subject to the regulations determined by Iran.” he said. “Iran will in no way give up its rights in the Strait of Hormuz, and these are our territorial waters.”
It remains unclear how the strait will be managed when the 60-day period ends. Ships crossed the Strait of Hormuz through the southern corridor along the Omani coast or through the Iranian-controlled lanes in the north.
Galibaf also pushed back on President Donald Trump’s claim that unfrozen Iranian assets would be used to buy American agricultural products, saying $12 billion of the roughly $24 billion in assets frozen abroad would go to the country’s central bank “to buy any product it needs, at any price and in any currency in the world.”
