economy
Iran Says It Is Selling Oil at 20% Premium as End of U.S. Blockade Sees 40 Million Barrels Exported
The ceasefire prompted a surge in crude shipments through the Strait of Hormuz, where traffic had largely ground to a halt during the conflict.
TL;DR
- Iran has exported over 40 million barrels of crude oil since the U.S. naval blockade was lifted.
- Oil prices are now roughly 20% higher than before the war.
- A memorandum of understanding to end the war and reopen the Strait of Hormuz was signed on June 17, with 60 days of negotiations for a permanent peace deal.
- A brief exchange of strikes occurred over the weekend after Iran attacked two vessels.
- The ceasefire led to a surge in crude shipments through the Strait of Hormuz.
- Iran insists it retains control over the administration of the Strait of Hormuz, stating its sovereignty.
- Unfrozen Iranian assets abroad will primarily go to the central bank to purchase necessary goods, not exclusively American agricultural products.