Tehran shipped 12 million barrels of oil in the week following the US reinstatement of sanctions and blockade on Iranian ports.
Iran successfully exported 12 million barrels of crude oil between July 7 and July 14, bypassing renewed US sanctions. The shipments occurred immediately after the US Treasury canceled waivers on Iranian oil sales and imposed a blockade on its ports and cargoes.
Prior to the sanctions renewal, Iran had been exporting approximately 1.5 million barrels per day under temporary waivers. The latest exports represent a significant surge, defying US efforts to curb Tehran’s oil revenue amid heightened tensions in the Strait of Hormuz.
Markets have yet to react significantly, though the development could pressure oil prices if sustained exports continue to offset supply restrictions.