Following the U.S. removal of its naval blockade on Iranian ports, Iran has successfully exported more than 40 million barrels of crude oil, with prices now approximately 20% higher than prior to the conflict. This development comes after a memorandum of understanding was signed on June 17 to end hostilities and reopen the Strait of Hormuz, a crucial maritime route for oil shipments.
The ceasefire has led to a notable increase in crude oil exports, with TankerTrackers.com estimating that Iran exported 50 million barrels since the blockade's end. Brent crude prices have fallen to around $73 a barrel, down nearly 40% from the peak of $118 in April, as the market reacts to the potential for increased supply from the Gulf.
Despite the temporary easing of tensions, Iranian officials, including parliament speaker Mohammad Bagher Ghalibaf, have asserted that Iran will maintain control over the Strait of Hormuz and will not relinquish its rights to the waterway. The future governance of the strait remains uncertain after the initial 60-day agreement.
Additionally, Ghalibaf clarified that a significant portion of Iran's frozen assets would be allocated to the central bank for purchasing necessary goods, countering claims made by President Trump regarding the use of these funds for American agricultural products