Iran Reports 40 Million Barrels Exported Since US Lifted Naval Blockade, Prices Up 20%

Iran has exported over 40 million barrels of crude oil since the United States lifted its naval blockade on the country's ports, according to Mohammad Bagher Ghalibaf, the Iranian Parliament Speaker and head of the country's negotiation team. He stated on Tuesday that Iran is now selling oil at prices approximately 20% higher than before the recent conflict. The naval blockade, which lasted about two months and preceded a diplomatic agreement, had halted Iranian oil exports entirely.

The lifting of the blockade led to a surge in crude oil shipments through the vital waterway, which had been nearly inactive during the conflict, causing a sharp drop in global oil prices. Ghalibaf noted in a televised interview shared on his Telegram channel that Iran was unable to export even a single barrel during the blockade period. Independent tanker tracking firm TankerTrackers estimated that Iran exported around 50 million barrels of crude oil since the US removed the naval restrictions two weeks ago, as reported by NBC.

Brent crude oil prices currently hover around $73 per barrel, down nearly 40% from the April peak of $118, reflecting diplomatic progress and expectations of increased oil supply from the Persian Gulf. This price decline contrasts with Iran's reported premium pricing since the blockade's removal. The developments highlight the impact of geopolitical shifts on global energy markets.