Iran reports $18 billion in oil sales during war and ceasefire period

Iran's oil ministry announced that the country successfully sold $18 billion worth of oil during a period that included a war and a subsequent ceasefire with the United States. The ministry stated that $11.5 billion in oil was sold during the war, with an additional $6.5 billion sold during the ceasefire that ended earlier this month.

According to the ministry's official website, these sales managed to cover more than 60 percent of the oil revenues projected in the national budget, even amidst the ongoing crisis. This announcement contrasts with earlier statements made in late June by Iran's parliament speaker and chief negotiator, Mohammad Bagher Ghalibaf.

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The ministry sold $11.5 billion of oil during the war and $6.5 billion during the ceasefire.

At that time, Ghalibaf had indicated that Iran was unable to export any oil due to the U.S. blockade on its ports. The conflict, sparked by U.S.-Israeli strikes on Iran on February 28, led Iran to retaliate against U.S. allies in the region. An April ceasefire had largely halted hostilities, but fighting resumed in early July as both nations vied for control over the crucial Strait of Hormuz.

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This covers more than 60 percent of the oil revenues forecast in the year’s budget in the midst of the crisis.