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

CNBC | July 1, 2026

Summary¶

Iran has exported more than 40 million barrels of crude oil since the US removed its naval blockade, and is now selling oil at prices roughly 20% higher than before the war, Parliament Speaker Mohammad Bagher Ghalibaf said Tuesday. TankerTrackers.com estimates 50 million barrels exported.

Key Points¶

40-50 Million Barrels Exported¶

• Ghalibaf: "Since the day the naval blockade was lifted, we have exported more than 40 million barrels of oil"
• Iran had exported zero barrels during the roughly two-month blockade
• TankerTrackers.com: 50 million barrels of crude exported since blockade lifted (uses satellite imagery + AIS)
• Brent traded near $73/barrel Wednesday — down almost 40% from war's peak of $118 in April

20% Premium to Pre-War Prices¶

• Iran selling crude at approximately 20% premium to pre-war prices
• Iranian crude previously sold at a discount of $10–15/barrel below Brent to compensate buyers for sanction risk (Gregory Brew, Eurasia Group)

Iran's Position on Strait¶

• Ghalibaf: "The sovereignty of the Strait of Hormuz lies with Iran and Oman, and traffic in the strait is subject to arrangements determined by Iran"
• "Iran will not give up its rights in the Strait of Hormuz under any circumstances, and these are our territorial waters"
• 60-day toll-free transit window under MOU; after that, Iran and Oman will define future administration

Frozen Assets Dispute¶

• Trump claimed unfrozen Iranian assets would be used to purchase American agricultural goods
• Ghalibaf pushes back: $12 billion of ~$24 billion in frozen assets would go to Iran's central bank "to purchase any goods it needs, at any price and in any currency in the world"