Iranian Oil Minister Mohsen Paknejad said Iran sold $18 billion worth of oil since the outbreak of the war. He stated that these sales generated more than 60% of the oil revenue forecast in Iran's annual budget.

He broke down the total revenue into two distinct periods. He said Iran sold $11.5 billion worth of oil during the war. An additional $6.5 billion in sales occurred during a ceasefire enabled by a temporary agreement.

He said lower risks to tanker traffic during the ceasefire helped increase exports. This environment enabled the sale of part of around 100 million barrels of stored crude oil and gas condensate.

The temporary agreement was signed on June 17. Under the Memorandum of Understanding, the U.S. agreed to lift its blockade on Iranian oil exports. The June 17 agreement withdrew the blockade, allowing tankers loaded at Iran’s eastern port of Chabahar to sail toward Asia.

Several Iranian tankers had already begun moving through the Strait of Hormuz as the earlier blockade neared its end. The U.S. Treasury issued General License X on June 21, 2026, authorizing the production, sale, delivery, or offloading of crude oil, petrochemical products, or petroleum products of Iranian origin through August 21, 2026.

The TankerTrackers monitoring service reported that Iran shipped approximately 60 million barrels of crude oil since the U.S. naval blockade was paused in mid-June 2026. Data reviewed by JINSA from TankerTrackers indicated that during the first two weeks after the MOU was announced, Iran exported an estimated 50 million barrels of oil, valued at over $4.5 billion.

Tankers moved 36 million barrels of oil through the Strait of Hormuz since June 15, according to TankerTrackers. Estimates compiled by United Against Nuclear Iran and oil analysts indicated that Tehran moved about 70 million barrels of oil during the window between mid-June and mid-July.

United Against Nuclear Iran stated that 50 million barrels is roughly equivalent to one month of prewar Iranian exports to China. Some 50 million barrels of oil left Iran during the second half of June. Prior to the war, Iran was able to export an estimated 47-50 million barrels of oil in a typical month, valued at roughly $3.05 billion, according to JINSA analysis.

Beginning in late June, about 20 Iranian tankers carrying oil arrived in waters off Malaysia’s east coast. The Diona was among the first vessels to reach the area off Malaysia’s east coast. The Sonia 1 arrived in waters off Malaysia’s east coast after the Hero II. The Stream arrived in waters off Malaysia’s east coast on July 13, 2026.

The shipments’ ultimate destination was China, according to analysts. China remains Iran’s principal market for sanctioned crude oil. The Wall Street Journal estimated that Iran exported roughly 70 million barrels of oil worth an estimated $5 billion to $6 billion during the month-long suspension of the U.S. blockade.