Since the outbreak of the conflict, Iran has been earning an average of $170 million more per day from oil sales.

Financial Association March 27 News (Editor: Xiaoxiang) According to industry estimates, since the start of the U.S.-Iran war, Iran has likely been earning tens of millions of dollars in additional revenue daily from its oil sales.

As Iran becomes the only major oil exporter in the Middle East able to use the Strait of Hormuz, the prices of the crude oil it sells have surged, and the Iranian treasury is benefiting from this.

Unlike all other Gulf oil-producing countries, Iran’s oil can currently still smoothly pass through the Strait of Hormuz, and its export volumes remain robust. Industry estimates suggest that Iran’s crude oil exports this month have maintained pre-war levels, at approximately 1.6 million barrels per day. Ships carrying Iranian crude continue to load at the Khark Island terminal and pass through the Strait of Hormuz, leaving the Persian Gulf—recent shipping activities are even accelerating.

This stands in stark contrast to the substantial blockades faced by other Gulf oil-producing countries in their exports.

According to export estimates from Tankertrackers.com and the price of Iran’s flagship crude “Iranian Light,” Iran has been earning approximately $139 million daily from sales of this flagship crude so far in March, up from $115 million in February. This also means that since the outbreak of hostilities, Iran has been able to earn at least an additional $24 million (approximately 166 million RMB) daily from oil sales.

Meanwhile, compared to the international benchmark Brent crude, the price of Iranian Light crude has also seen a significant rise—at the beginning of this week, the discount to Brent narrowed to $2.10 per barrel, the lowest level in nearly a year. Before the outbreak of the war, this discount had exceeded $10.

A higher price per barrel is crucial for Iran, which has recently suffered significant damage from U.S.-Israeli airstrikes and must invest heavily in reconstruction to support its battered economy. Moreover, Iran’s retaliatory strikes in the Middle East have consumed a large amount of weaponry that urgently needs replenishment.

Khark Island remains a key hub

Industry insiders point out that while countries like Iraq and Kuwait have been forced to drastically cut production, and the UAE and Saudi Arabia are struggling to find alternative export routes, Iran continues to load oil tankers and send them out of the Persian Gulf.

Iran’s main export hub, Khark Island, has so far not been targeted by U.S. strikes—the U.S. has only attacked military targets there. Satellite image search tool Copernicus Browser shows that between March 2 and March 22, there were almost always very large crude carriers (VLCCs) docked at the port loading cargo.

Additionally, shipping activities seem to be accelerating—images from March 2 show only one supertanker docked at Khark Island, while images from March 7 and 17 show two ships loading cargo. The most recent photo, taken last Sunday, shows two VLCCs docked, and a third seems to have just left the loading facility.

Iran also exports crude oil from its Jask terminal, located outside the vital Strait of Hormuz. A satellite image from March 5 shows a supertanker approaching the loading buoy at the facility. A second image taken three days later shows the same ship docked at the buoy.

Crude oil shipments from Jask are generally infrequent; since the terminal’s official opening in 2021, only five ships have been loaded there.

Last weekend, President Trump threatened that if Iran did not reopen the Strait of Hormuz, he would target its energy infrastructure. However, he has since backtracked on this statement—on Thursday, Trump stated that at the request of the Iranian government, he would extend the deadline for attacking Iranian energy facilities by 10 days to April 6 to avoid escalating the war.

The U.S. Treasury also approved a 30-day authorization on March 20, allowing the delivery and sale of ships loaded with crude oil and petroleum products from Iran. The new permit allows for the sale of Iranian crude oil and petroleum products that had been loaded onto ships by March 20.

Analysts note that although the new exemptions for Iranian crude oil from the U.S. may temporarily not attract new buyers beyond existing clients, it has undoubtedly pushed up the price of Iranian crude, further narrowing its discount to Brent crude.