Iran Rakes in $18bn from Oil Sales Amid US Conflict

The Iranian oil ministry has disclosed that it successfully sold oil worth $18 billion during the period of conflict and subsequent ceasefire with the United States. According to a statement released on the ministry's official website, $11.5 billion of oil was sold during the conflict, while $6.5 billion was sold during the ceasefire that collapsed earlier this month. This significant oil sale covers over 60 percent of the oil revenue projected in the year's budget, despite the challenges posed by the crisis. In contrast, Iran's parliament speaker and chief negotiator, Mohammad Bagher Ghalibaf, had stated in late June that Iran was unable to export oil due to the US blockade on its ports. The conflict between Iran and the US began on February 28, following US-Israeli strikes on Iran, which prompted Iran to retaliate against US allies in the region. Although a ceasefire was largely observed in April, hostilities resumed earlier in July as the two nations continue to battle for control of the strategic Strait of Hormuz.