Iran’s Oil Ministry reported that oil sales exceeded $11 billion in the first four months of the fiscal year, a figure that carries particular weight given the country was simultaneously engaged in active conflict with the United States and Israel, alongside the diplomatic aftermath of a ceasefire. Revenue reached $11.5 billion during the war period beginning February 28, 2026, with an additional $6.5 billion accumulated during the subsequent ceasefire, representing over 60% of total annual budgeted oil revenue. China remains the primary buyer, absorbing approximately 145.7 million barrels of Iranian exports valued at roughly $11.2 billion through March 2026. The country has turned to Bitcoin and Tether to settle international transactions and bypass the Western banking system, with these cryptocurrencies serving as functional payment instruments rather than speculative assets.
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