Iran says oil exports reach 1.5M barrels per day despite war

RABAT / ISTANBUL

Iran’s oil exports have reached around 1.5 million barrels per day despite the impact of the ongoing war involving the US and Israel, according to Iran’s semi-official Tasnim News Agency on Thursday.

Tasnim reported that daily export volumes exceeded 1.5 million barrels during the month of Ramadan, marking a roughly 50% increase in sales compared with earlier levels.

The agency said Iran has been selling larger quantities of oil at prices closer to global benchmarks, directly boosting oil revenues.

The increase comes as global energy markets experience sharp volatility linked to the ongoing war and Iran’s decision to restrict navigation in the Strait of Hormuz, one of the world’s most critical oil transit routes.

Around 20 million barrels of oil pass through the strait daily, and the restrictions have raised shipping and insurance costs, contributing to higher oil prices and inflationary pressure worldwide.

According to Asharq Business with Bloomberg, Iran has likely generated hundreds of millions of dollars in additional revenues since the outbreak of the war, benefiting from higher crude prices amid limited access to the strait for some exporters.

Investors remain concerned about worsening uncertainty in global markets as energy facilities in Gulf countries and Iran continue to face risks of attack, alongside fears that Iranian energy infrastructure could be targeted in potential US or Israeli strikes, which could have significant economic and environmental consequences.

Military operations between the US and Israel on one side and Iran on the other have continued since Feb. 28, increasing pressure on global energy markets.

*Writing By Khaled Badr in Istanbul