On June 23, 2026, in Muscat, Oman, an oil tanker and cargo ship are anchored off the coast of Oman after being unable to enter the port due to congestion at Sultan Qaboos Port and being stranded for several days.
Elke Scoliers | Getty Images News | Getty Images
Since the United States lifted its naval blockade of Iranian ports, Iran has exported more than 40 million barrels of oil and is now selling it at prices about 20% higher than before the war, Parliament Speaker and Chief Negotiator Mohammad Berger Ghalibaf said on Tuesday.
The United States and Iran signed a memorandum of understanding on June 17 that ends nearly four months of war, reopens the Strait of Hormuz and sets up 60 days of negotiations to finalize a permanent peace deal. The two countries briefly exchanged attacks over the weekend after Iran attacked two ships in transit.
The ceasefire has led to a surge in oil shipments through the vital waterway, where traffic had all but stopped during the conflict, and oil prices have plummeted.
“Since the day the naval blockade was lifted, we have exported more than 40 million barrels of oil,” Ghalibaf said in a television interview published on his Telegram channel. He added that during the nearly two-month blockade that preceded the deal, Iran was unable to export a single barrel.
Tanker tracking firm TankerTrackers.com said Wednesday it estimates Iran has exported 50 million barrels of crude oil since the United States lifted its naval blockade on the country’s energy exports two weeks ago. The company uses satellite imagery, coastal photography and real-time automatic identification systems to monitor vessel movements.
brent crude oil Diplomatic developments and hopes for Gulf supply recovery weighed on prices, with oil trading around $73 a barrel on Wednesday, down about 40% from April’s war high of $118. Before the war, Iranian oil was sold for $10 to $15 a barrel less than Brent crude to compensate buyers for the risk of sanctions, said Gregory Belew, a senior analyst at Eurasia Group.
Under the memorandum, Iran agreed to make the Port of Hormuz toll-free for ships for 60 days, but insisted it would maintain control of the waterway.
“Sovereignty of the Strait of Hormuz lies with Iran and Oman, and traffic in the strait is subject to agreements established by Iran,” Ghalibaf said. “Iran will not under any circumstances relinquish its rights in the Strait of Hormuz. These are our territorial waters.”
It remains unclear how the strait will be managed after the 60-day period expires. Ships cross the Strait of Hormuz via the southern corridor along the Omani coast or the northern channel controlled by Iran.
Ghalibaf also pushed back against President Donald Trump’s claims that unfrozen Iranian assets would be used to buy U.S. agricultural products, saying $12 billion of the roughly $24 billion in frozen assets overseas would go to the country’s central bank “to buy needed goods in any currency, at any price, anywhere in the world.”
