Since the onset of the war, Iran has significantly increased its oil revenue, earning about $139 million per day in March, up from $115 million in February. The country has benefited from rising global oil prices and reduced price discounts on its Iranian Light crude, which is now sold at only $2.10 below Brent, the narrowest gap in nearly a year. Iran’s oil exports have reached around 1.6 million barrels per day, close to pre-war levels, with tankers loading at Kharg Island and passing through the Strait of Hormuz.

Despite U.S. and Israeli airstrikes, Iran has maintained its economic flow, weakening the impact of military pressure. The United States has temporarily suspended some sanctions on Iranian oil shipments to stabilize global prices. Richard Nephew of Columbia University’s Center on Global Energy Policy noted that current U.S. actions appear to encourage Iranian oil sales rather than restrict them.

Iran is also exporting from the Jask terminal outside the Strait of Hormuz and collecting up to $2 million in transit fees from commercial vessels passing through the strait.