Iran Sells $18 Billion Worth of Oil Amid Ongoing Conflict

The Iranian Ministry of Petroleum has revealed that it sold $18 billion worth of oil during the recent conflict and subsequent ceasefire. The ministry sold $11.5 billion of oil during the war, which began on February 28 after US-Israeli strikes against Iran, and $6.5 billion during the ceasefire that collapsed earlier this month.

This covers more than 60 percent of the oil revenues forecast in the year's budget despite the crisis. The figure is significant given that Iran's parliament speaker and chief negotiator Mohammad Bagher Ghalibaf had said in late June that the country was unable to export any oil during the US blockade on its ports.

The conflict resumed earlier this month as both sides battle for control of the vital Strait of Hormuz, a key trade route. The ministry's statement highlights the challenges faced by Iran in maintaining its economy despite ongoing tensions with the West.