Iran sold approximately $18 billion worth of crude oil between February and May 2026 despite a US naval blockade and armed conflict with Israel, including $11.5 billion during the active war phase and $6.5 billion during the ceasefire period. In March 2026 alone, exports reached 35.7 million barrels valued at around $3.63 billion, with daily revenues ranging from $115 million to $139 million as crude prices stayed elevated between $100 and $120 per barrel. The US naval blockade eventually squeezed exports below 300,000 barrels per day by May, creating an estimated $6 billion revenue shortfall. Iran relied on a shadow fleet of aging tankers to transfer crude at sea and obscure tracking data, with China as the primary buyer paying roughly a 20% premium over benchmark prices after the blockade eased.
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