A cargo ship is pictured off coast of the Khor Fakkan Container Terminal, the one pure deep-sea port within the area and one of many main container ports in Sharjah Emirate, alongside the Gulf of Oman on June 28, 2026.
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Iran has exported greater than 40 million barrels of crude oil because the U.S. eliminated its naval blockade of Iranian ports, and is now promoting oil at costs roughly 20% larger than earlier than the conflict, parliament speaker and chief negotiator Mohammad Bagher Ghalibaf mentioned Tuesday.
The U.S. and Iran signed a memorandum of understanding on June 17 to finish practically 4 months of conflict and reopen the Strait of Hormuz, and set up 60 days of negotiations to work out a everlasting peace deal. The 2 sides briefly traded strikes over the weekend after Iran attacked two transiting vessels.
The ceasefire prompted a surge in crude shipments via the important waterway the place visitors had largely floor to a halt in the course of the battle, sending oil costs sharply decrease.
“For the reason that day the naval blockade was lifted, now we have exported greater than 40 million barrels of oil,” Ghalibaf mentioned in a tv interview revealed on his Telegram channel. Iran had been unable to export a single barrel in the course of the roughly two-month blockade that preceded the accord, he added.
Tanker monitoring agency TankerTrackers.com mentioned Wednesday that it estimated Iran had exported 50 million barrels of crude oil because the U.S. lifted its naval blockade on the nation’s vitality exports two weeks in the past. The agency makes use of satellite tv for pc imagery, shoreside images, and a real-time computerized identification system to watch vessel motion.
Brent crude traded close to $73 a barrel Wednesday, down virtually 40% from the conflict’s peak of $118 in April, as diplomatic progress and expectations of a Gulf provide rebound weigh on costs. Iranian crude bought at a low cost of $10 to $15 a barrel beneath Brent earlier than the conflict to compensate consumers for sanction dangers, in line with Gregory Brew, senior analyst at Eurasia Group.
Iran has agreed to let ships transit Hormuz toll-free for 60 days below the MOU, however insisted that it’s going to retain management over the waterway’s administration.
“The sovereignty of the Strait of Hormuz lies with Iran and Oman, and visitors within the strait is topic to preparations decided by Iran,” Ghalibaf mentioned. “Iran won’t quit its rights within the Strait of Hormuz below any circumstances, and these are our territorial waters.”
It stays unclear how the strait will likely be ruled as soon as the 60-day window expires. Vessels have crossed the Strait of Hormuz through a southern hall alongside Oman’s coast or via Iranian-controlled lanes to the north.
Ghalibaf additionally pushed again on President Donald Trump’s declare that unfrozen Iranian belongings will likely be used to buy American agricultural items, saying that $12 billion of the roughly $24 billion in frozen belongings overseas would go to the nation’s central financial institution “to buy any items it wants, at any worth and in any forex on the planet.”
