Iran benefits doubly from the sale of oil amid the rise in prices since the beginning of the war, as it is the only country that crosses the Strait of Hormuz. Tehran is estimated to have generated nearly $139 million per day in sales of this key blend so far in March, up from about $115 million per day in February, Bloomberg reported, citing export estimates from TankerTrackers.com.The report said that despite ongoing strikes by the United States and Israel on Iran, estimates indicate that Iran’s crude oil exports have remained broadly in line with pre-war levels of about 1.6 million barrels per day this month. Tankers carrying Iranian oil are still loading at the Kharg Island terminal and crossing the Strait of Hormuz, with activity increasing in recent days. At the same time, the war-affected country banned ships heading to the aggressor countries via Hormuz.
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The price of Iranian crude oil has risen compared to the global benchmark Brent crude, with its discount shrinking to about $2.10 per barrel at the beginning of this week, the lowest level in nearly a year. Before the conflict, the gap exceeded $10 per barrel.While countries like Iraq and Kuwait were forced to sharply curb production and the United Arab Emirates and Saudi Arabia scrambled to find alternative export routes, Iran continued to ship crude oil from the Persian Gulf, exporting about 1.6 million barrels per day on average between March 1 and 23, close to pre-war levels, having already recorded unusually high shipments in February, the strongest since around July 2018.
Oil facilities in Iran’s main export hub on Kharg Island remained untouched by US strikes, which targeted only military sites, even as US President Donald Trump indicated attacking the island during the early days of the war.Iran warned the United States and Israel that the Strait of Hormuz would be “completely closed” if its energy infrastructure was targeted. Trump halted attacks on energy infrastructure until April 6, saying the talks are going very well“At the request of the Iranian government, I ask that this statement be made clear that I will temporarily postpone the power plant demolition period for 10 days until Monday, April 6, 2026 at 8 p.m. ET,” he said. “Talks are ongoing, and despite false statements to the contrary by the fake news media and others, they are progressing very well.”