Iran Reports $18 Billion Oil Sales Amid Conflict

Iran’s oil ministry announced on Saturday that it sold a total of $18 billion worth of oil during the ongoing war and the subsequent ceasefire with the United States. The ministry detailed that $11.5 billion was generated during the war, while $6.5 billion was earned during the ceasefire, which collapsed earlier this month.

This revenue represents more than 60 percent of the oil revenues forecasted in Iran's budget for the year amid the ongoing crisis. In late June, Mohammad Bagher Ghalibaf, the speaker of Iran’s parliament and chief negotiator, stated that Iran was unable to export any oil during the US blockade on its ports.

The conflict began on February 28, following US-Israeli strikes on Iran, which prompted Iran to retaliate against US allies in the region. An April ceasefire had temporarily halted hostilities, but fighting resumed in early July as tensions escalated over control of the vital Strait of Hormuz.