On June 30, Iran's chief negotiator, Mohammad Bagher Ghalibaf, announced that the country had exported over 40 million barrels of crude oil in two weeks, following the US lifting its blockade of Iranian seaports. Iranian crude oil is now also selling at prices around 20% higher than before the conflict.

"Since the blockade was lifted, we have exported over 40 million barrels of oil," Ghalibaf stated in an interview published on his Telegram channel. He added that Iran had been unable to sell any barrels of oil during the approximately two-month blockade.

Vessels anchored in the Strait of Hormuz off Bandar Abbas, Iran, on 17/6. Photo: AP

Meanwhile, oil tanker tracking firm TankerTrackers.com estimated on July 1 that Iran had exported approximately 50 million barrels of crude oil over the past two weeks. The company uses satellite imagery, coastal photographs, and real-time automatic identification system (AIS) data to monitor ship movements.

Brent crude oil is currently trading at around USD 73 a barrel, nearly 40% down from its peak in April, driven by expectations of a recovery in supply from the Gulf region. Gregory Brew, an analyst at Eurasia Group, noted that before the conflict, Iranian crude oil typically sold for about USD 10-15 a barrel less than Brent to offset the risks associated with sanctions.

Prior to the conflict, data from Kpler indicated that Iran's exports of crude oil and condensate in February reached 2.2 million barrels a day. The Gulf nation also ranked as the third largest crude oil producer within the Organization of the Petroleum Exporting Countries (OPEC).

On 17/6, the US and Iran signed a memorandum of understanding (MoU) to end nearly four months of conflict, simultaneously reopening the Strait of Hormuz and initiating a 60-day negotiation process towards a lasting peace agreement. According to the MoU, Iran agreed to permit vessels to pass through Hormuz without charge for 60 days, while affirming its continued control over the waterway.

"Sovereignty over the Strait of Hormuz belongs to Iran and Oman. Traffic through the strait must comply with regulations set by Iran," Ghalibaf asserted.

It remains unclear how the Strait of Hormuz will be managed after the 60-day period concludes. In the past, vessels navigated through the strait via a southern corridor along the Omani coast or through northern routes controlled by Iran.

Ha Thu (via CNBC, Reuters)