Some $18 b. of Iranian oil sold since outbreak of war, over half of annual budget

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VESSELS AT the Strait of Hormuz, as seen from Musandam, Oman, June 24, 2026.
VESSELS AT the Strait of Hormuz, as seen from Musandam, Oman, June 24, 2026.
(photo credit: REUTERS/STRINGER)

Iranian Oil Minister Mohsen Paknejad said Iran sold $11.5 billion worth of oil during the war and a further $6.5 billion during a ceasefire, when lower risks to tanker traffic helped increase exports and enabled the sale of part of around 100 million barrels of stored crude oil and gas condensate.

The sales generated more than 60% of the oil revenue forecast in Iran's annual budget, Paknejad said.

Previously, The Wall Street Journal estimated that Iran exported roughly 70 million barrels of oil worth an estimated $5 billion to $6 billion during the month-long suspension of the US blockade, rapidly rebuilding a financial buffer before restrictions returned. 

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