$7.5 Billion Oil Revenue Transfer by Iran Amid US Blockade Tensions

The United States' naval blockade has disrupted Iran's oil exports and maritime trade. Despite this, Tehran has reportedly transferred $7.5 billion in oil revenues to its central bank from sales during the first four months of the current Iranian year.

This amount is sufficient to cover the government's foreign-currency expenditures from July through December, according to the Oil Ministry. The revenue from oil sales reached 99% of the projected amount for the period, showing that Iran has enough oil available for sale outside the US blockade.

The development comes amid ongoing tensions between the two countries. Under a memorandum of understanding reached in June to end the conflict, lifting the US naval blockade and reopening the Strait of Hormuz are among the key provisions. However, Iranian officials have stated that they will not fully reopen the waterway until Washington fulfils its commitments.