Iran reports $18bn in oil revenue despite conflict with US

Iran’s oil ministry says the country earned $18 billion from oil exports during its conflict with the United States and the period of ceasefire that followed, despite earlier claims by senior government officials that U.S. actions had halted the country’s oil exports.

In a statement published on its official website on Saturday, the ministry disclosed that $11.5 billion was generated from oil sales during the conflict, while an additional $6.5 billion was realised during the ceasefire before hostilities resumed.

According to the ministry, the total revenue represents more than 60 per cent of the oil income projected in Iran’s annual budget, despite the disruptions caused by the crisis.

The ministry stated that the earnings covered over 60 per cent of the oil revenues anticipated in the national budget during the period of conflict.

The latest disclosure differs from remarks made in late June by Iran’s Parliament Speaker and chief negotiator, Mohammad Bagher Ghalibaf, who had said the country was unable to export oil because of a United States blockade on its ports.

The conflict began on February 28 after joint U.S.-Israeli strikes on Iran, prompting Tehran to launch retaliatory attacks against American allies across the region.

Although a ceasefire reached in April significantly reduced the fighting, tensions flared again earlier this month as Iran and the United States renewed their confrontation over the strategic Strait of Hormuz, a key maritime route for global oil transportation.