Iran Reportedly Sold Up to $6 Billion in Oil During Ceasefire

Iran likely sold around 70 million barrels of oil worth between five and six billion US dollars during a roughly one-month ceasefire with the United States and the lifting of a naval blockade on its ports, according to a report citing analysts and data from the non-profit organisation United Against Nuclear Iran (UANI).

The US Central Command stated in June that American forces, on the orders of President Donald Trump, had lifted the maritime blockade on Iranian ports and coastal areas. Shortly thereafter, Iranian Foreign Minister Abbas Araghchi confirmed that Washington had removed restrictions on Iranian oil exports, unfrozen some Iranian assets, and launched an economic recovery plan for the country.

In July, President Trump said he did not regret the decision to lift the blockade, stating that Washington was giving Tehran an opportunity to reach a deal. The ceasefire, formalised in a memorandum on the night of 18 June, called for a halt to hostilities that had begun with US and Israeli military aggression on 28 February. However, the US military reportedly resumed strikes against Iran from 8 July, prompting Iranian retaliatory attacks on American bases in the Middle East and accusations from Tehran that Washington had violated the truce. On 9 July, President Trump declared the ceasefire was no longer in effect.