Iran exports 50M barrels of oil after U.S. blockade lift
Tehran says exports have resumed sharply since the June 17 truce, with crude selling at a premium and Hormuz reopened toll-free for 60 days under a U.S. memorandum.
Iran says it has exported more than 40 million barrels of crude oil since the U.S. lifted its naval blockade of Iranian ports, while tanker-tracking firm TankerTrackers.com estimates shipments have reached 50 million barrels in the two weeks since restrictions were eased. Parliament speaker and chief negotiator Mohammad Bagher Ghalibaf said Iranian oil is now selling at prices about 20% higher than before the war, a reversal from the prewar discount of $10 to $15 a barrel below Brent cited by Eurasia Group's Gregory Brew. The June 17 memorandum of understanding between the U.S. and Iran ended nearly four months of war, reopened the Strait of Hormuz and set a 60-day window for negotiations on a permanent peace deal, though the two sides briefly traded strikes over the weekend after Iran attacked two transiting vessels. Iran has agreed to allow toll-free passage through Hormuz during the 60-day period but says it will retain control over administration of the waterway. Brent crude was near $73 a barrel on Wednesday, down almost 40% from the war peak of $118 in April, as expectations of recovering Gulf supply weighed on prices.
- Strait of Hormuz: A strategically important waterway linking the Persian Gulf to global shipping routes and carrying a large share of seaborne crude exports.
- Brent crude: An international oil price benchmark used to price much of the world's traded crude.
- memorandum of understanding: A formal agreement outlining terms between parties, often used as a framework for further negotiations.