Iran has likely earned hundreds of millions of dollars of extra income from oil sales since the start of the war, benefiting from a surge in the price of its crude after it became the only major exporter able to use the Strait of Hormuz. The Islamic Republic is benefiting twofold from price moves since the start of the war. Its flagship crude grade is selling to customers, mostly in China, at the slimmest discount in more than 10 months to Brent. And the international benchmark itself has surged above $100 a barrel since the bombing began. Iran’s exports are estimated to have remained close to prewar levels of about 1.6 million barrels a day this month. Ships carrying Iranian crude continue to load at the Kharg Island terminal and exit the Persian Gulf through the Strait of Hormuz – with activity gaining pace recently. That’s in stark contrast to the effective blockade imposed on shipments from other Gulf producers.
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