Iran Rushed Out Oil During Brief Truce With US

Iran exported nearly 70 million barrels of oil worth US$5-US$6 billion during a brief US sanctions pause, with much of the crude sent to China before Washington restored restrictions.

Iran reportedly shipped nearly 70 million barrels of crude oil worth an estimated US$5-US$6 billion during a brief pause in US restrictions, building a financial cushion before Washington reinstated its blockade in the Strait of Hormuz. The shipments, carried out between mid-June and mid-July, are expected to generate billions in revenue for Tehran in the coming months, with much of the crude ultimately destined for China.

According to a Wall Street Journal report, around 20 Iranian oil tankers began arriving off Malaysia’s eastern coast in late June after the United States temporarily lifted restrictions on Iranian shipping. Independent estimates from advocacy group United Against Nuclear Iran (UANI) and oil market analysts cited by the newspaper suggest Tehran exported roughly 70 million barrels during the one-month window. The US has since reimposed restrictions, once again limiting Iranian exports through the Strait of Hormuz. - WION