Iranian Oil Minister Mohsen Paknejad said the Islamic Republic sold oil worth $11.5 billion during the war, and while the ceasefire was in effect, it made another $6.5 billion in sales, Reuters reported, quoted by BTA.
During the ceasefire, the risks for tankers were lower, which contributed to the increase in exports. The sale of around 100 million barrels of crude oil and gas condensate from the reserves has also opened up, the Iranian minister noted.
These sales have generated more than 60% of the oil revenue set in the Islamic Republic's annual budget, Paknejad said.
The price of Brent crude oil held above $100 a barrel in Asian trade today and is on track to post a fourth consecutive week of gains on concerns about disruptions to energy supplies through the Red Sea and the risk of further escalation of the conflict between the United States, Israel and Iran.
Brent futures rose 37 cents, or 0.37 percent, to $101.06 a barrel, after closing up 7 percent in the previous session and crossing the psychological threshold of $100 a barrel for the first time. since May. The rise followed a statement by Yemen's Iran-backed Houthis that they had attacked two Saudi oil tankers in the Red Sea.
Brent futures are on track to gain 14.6 percent for the week.
U.S. light crude oil prices were almost unchanged at $91.20 a barrel - the highest level since June 11, and are expected to end the week up 11.8 percent.
According to analysts at ING, potential supply disruptions are now greater than at any time since the conflict began. According to them, not only has oil shipping through the Strait of Hormuz practically dried up, but there are also serious risks to Saudi oil supplies through the Red Sea and the Bab el-Mandeb Strait.
According to the analytical company “Kpler“, only one tanker passed through the Strait of Hormuz yesterday - the lowest number since May 7.
The Bab el-Mandeb Strait, which provides a connection between the Red Sea and the Indian Ocean, is the second most important oil shipping route after the Strait of Hormuz.
US President Donald Trump said he would hold Iran responsible for any further attack.
On Monday, the Iran-backed Houthis announced a naval blockade of Saudi Arabia, which was rerouting oil exports through a pipeline to avoid closing the Strait of Hormuz. According to Reuters, Iran has been pressuring the Houthis to close the Bab el-Mandeb Strait if the United States continues its attacks on Iranian energy infrastructure after the collapse of a temporary ceasefire between the two countries two weeks ago.
Additional market pressure was also created by reports from Kazakhstan, where the energy ministry said oil companies had temporarily reduced output after suspected Ukrainian drone attacks forced the main Black Sea oil export terminal to shut down.
Industry sources said the Caspian Pipeline Consortium had stopped accepting oil from Kazakhstan after it halted loading due to attacks on tankers at the terminal. About 2 percent of the world's daily crude oil supplies pass through this route.
Kazakhstan's energy ministry did not specify the scale of the output cut, but one source said the country's largest field had cut output by more than half.