Iran used brief US truce to build $6 billion oil buffer - report

Iran rapidly rebuilt a financial buffer of an estimated $5 billion to $6 billion by exporting roughly 70 million barrels of oil during a month-long suspension of US sanctions. The Wall Street Journal reported that these shipments occurred between mid-June and mid-July, before restrictions were reimposed.

Analysts believe China, Iran's main market for sanctioned crude oil, was the ultimate destination for the oil. Estimates from United Against Nuclear Iran and oil analysts indicate that about 50 million barrels left Iran in the second half of June alone, mirroring a month of pre-war exports to China. These shipments followed a temporary US-Iran agreement signed on June 17, which lifted the blockade and permitted loaded tankers to sail toward Asia.

The temporary arrangement collapsed after Iran attacked commercial ships in the Gulf on July 6 and 7. US forces retaliated with strikes targeting Iranian military facilities. President Donald Trump subsequently ordered the restoration of the blockade on July 14. The renewed fighting significantly reduced commercial traffic through the Strait of Hormuz, with only six vessels recorded transiting on July 12, the lowest number in five weeks.