Iran Says It Earned $18bn From Oil Sales During War, Ceasefire

Iran says it generated $18 billion from crude oil sales during its recent conflict with the United States and the subsequent ceasefire period, claiming the revenue accounted for more than 60 per cent of its projected annual oil earnings despite months of military confrontation.

In a statement published on Saturday, Iran's Oil Ministry said it sold $11.5 billion worth of crude during the war and an additional $6.5 billion during the ceasefire period before hostilities resumed earlier this month.

According to the ministry, the combined sales represented a significant contribution to government revenues despite sanctions, military operations and disruptions to maritime trade.

"The ministry sold $11.5 billion of oil during the war and $6.5 billion during the ceasefire," the statement said.

"This covers more than 60 per cent of the oil revenues forecast in the year's budget in the midst of the crisis."

The figures underscore Iran's efforts to maintain oil exports despite heightened tensions in the Gulf and continuing Western sanctions targeting its energy sector.

However, the ministry's latest claims appear to differ from 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 during what he described as a US blockade of Iranian ports.

The conflict erupted after US-Israeli strikes on Iran on February 28, triggering Iranian retaliatory attacks against US allies across the Middle East.

Although a ceasefire reached in April temporarily halted the fighting, clashes resumed earlier this month as tensions escalated over the strategic Strait of Hormuz, one of the world's most important oil shipping routes.

The renewed hostilities contributed to volatility in global energy markets, with oil prices rising sharply during the conflict before easing as supply concerns moderated.

The Strait of Hormuz carries roughly a fifth of global oil consumption, making any disruption to shipping through the waterway a significant concern for international energy markets.

The Iranian government's latest revenue disclosure comes as Tehran continues to defend the resilience of its oil sector despite sanctions and military pressure.

AFP