Iran sells oil at 20% premium as lifting of US blockade frees up sales

Oil tankers and cargo ships are anchored off the coast of Oman after being stranded for days as congestion at Port Sultan Qaboos prevented them from docking June 23, 2026 in Muscat, Oman.

Elke Scholiers | Getty Images News | Getty Images

Iran has exported more than 40 million barrels of crude oil since the United States lifted the naval blockade of Iranian ports and now sells its oil at prices about 20% higher than before the war, Parliament Speaker and chief negotiator Mohammad Bagher Ghalibaf said Tuesday.

The United States and Iran signed a memorandum of understanding on June 17 to end nearly four months of war and reopen the Strait of Hormuz, and set out 60 days of negotiations to reach a permanent peace agreement. The two sides briefly exchanged strikes over the weekend after Iran attacked two transiting ships.

The ceasefire has caused a surge in crude shipments through the vital waterway where traffic had been largely halted during the conflict, sending oil prices tumbling.

“Since the day the naval blockade was lifted, we have exported more than 40 million barrels of oil,” Ghalibaf said in a television interview published on his Telegram channel. Iran was unable to export a single barrel during the two months of blockade that preceded the deal, he added.

Tanker tracking company TankerTrackers.com said Wednesday it estimates Iran has exported 50 million barrels of crude oil since the United States lifted its naval blockade on the country’s energy exports two weeks ago. The company uses satellite imagery, shore-based photography and a real-time automatic identification system to monitor vessel movements.

Brent crude was trading near $73 a barrel on Wednesday, down nearly 40% from April’s peak of $118, as diplomatic progress and expectations of a rebound in Gulf supply weighed on prices. Iranian crude was selling at a price $10 to $15 a barrel lower than Brent before the war to compensate buyers for sanctions risks, according to Gregory Brew, senior analyst at Eurasia Group.

Iran agreed to let ships transit Hormuz free of charge for 60 days under the memorandum of understanding, but insisted it would retain control of the waterway’s administration.

“The sovereignty of the Strait of Hormuz belongs to Iran and Oman, and traffic in the strait is subject to arrangements determined by Iran,” Ghalibaf said. “Iran will under no circumstances give up its rights to the Strait of Hormuz, and these are our territorial waters.”

It remains unclear how the Strait will be governed once the 60-day window expires. The ships passed through the Strait of Hormuz via a southern corridor along the coast of Oman or via Iranian-controlled routes to the north.

Ghalibaf also pushed back against President Donald Trump’s assertion that unfrozen Iranian assets would be used to buy U.S. agricultural products, saying $12 billion of the roughly $24 billion in frozen assets abroad would go to the country’s central bank “to buy whatever goods it needs, at any price and in any currency in the world.”

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