Iran says it is selling oil at 20% premium as end of U.S. blockade sees 40 million barrels exported

• Iran exported zero barrels during the roughly two-month U.S. blockade but has now shipped 40-50 million barrels since restrictions were lifted on June 17
• Brent crude traded near $73/barrel on Wednesday, down nearly 40% from the April war peak of $118, as supply expectations improve
• Iran agreed to 60 days of toll-free transit through Hormuz but insists it retains sovereignty over the waterway; $12 billion of $24 billion in frozen assets will go to Iran's central bank for purchases

Summary: Iran Resumes Oil Exports at Premium Following U.S. Naval Blockade End

Key Developments:

Iran has exported over 40 million barrels of crude oil in the two weeks since the U.S. lifted its naval blockade, according to parliament speaker Mohammad Bagher Ghalibaf. Independent analysis from Kpler estimates exports at 50 million barrels. The country is now selling oil at a 20% premium compared to pre-war levels, a significant reversal from its previous practice of selling at a discount to compensate for sanctions risk.

Diplomatic Framework:

The U.S. and Iran signed a memorandum of understanding on June 17, 2026, ending nearly four months of conflict and reopening the Strait of Hormuz. The agreement includes a 60-day toll-free transit period through the critical waterway, though Iran insists it will retain administrative control over the strait alongside Oman.

Market Impact:

Brent crude traded near $73 per barrel, down 40% from the April peak of $118 during the conflict. The ceasefire has triggered a surge in crude shipments through the Strait of Hormuz, where traffic had largely halted during the war. Iran had been unable to export any oil during the roughly two-month blockade preceding the accord.

Financial Implications:

Regarding frozen assets, Ghalibaf clarified that $12 billion of approximately $24 billion held abroad will go to Iran's central bank for unrestricted purchases, diverging from President Trump's claims the funds would be earmarked for U.S. agricultural goods.

Outstanding Issues:

The governance structure for the Strait of Hormuz beyond the initial 60-day period remains unresolved as negotiations continue toward a permanent peace agreement.