$435 million a day: How a US blockade of Persian Gulf could cripple Iran’s economy
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Iran has earned hundreds of millions of dollars from oil sales since the start of the war, benefiting from a surge in the price of its crude. The country's oil exports have remained close to prewar levels, with ships carrying Iranian crude continuing to load at the Kharg Island terminal and exit the Persian Gulf through the Strait of Hormuz.
Iran's economy is benefiting from a surge in oil prices. The country's oil exports have remained close to prewar levels, with about 1.6 million barrels per day exported in March. Iran's oil has grown more valuable compared to international benchmark Brent, with a narrower discount. The higher selling price is key for Iran, which has suffered damage from US and Israeli airstrikes. The country continues to load tankers and sail them out of the Persian Gulf, with activity gaining pace recently.
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