Iran Announces Oil Revenues During Periods of Tension and De-escalation with the United States

Iran's Ministry of Oil announced achieving oil sales valued at $18 billion during periods of both war and truce with the United States. The ministry affirmed that these revenues represent over 60% of the targeted oil revenues in the current year's budget, despite escalating geopolitical tensions. The ministry clarified that it sold oil worth $11.5 billion during the conflict period and $6.5 billion during the truce that collapsed earlier this month. It added that these results were achieved despite exceptional circumstances, confirming the continuous flow of oil revenues during the crisis. This announcement comes after previous statements by the Speaker of the Iranian Parliament, Mohammad Bagher Ghalibaf, in late June, where he claimed Iran was unable to export any barrel of oil due to the American blockade on its ports, statements that appear to contradict the figures announced by the oil ministry. In a related context, oil prices declined at Friday's settlement but maintained their trajectory towards strong weekly gains, supported by escalating geopolitical tensions in the Middle East. Prices faced some pressure following a report indicating China's efforts to resume stalled peace talks between the US and Iran. Both Brent and West Texas Intermediate crude rose throughout the week amid the exchange of missile strikes between the US and Iran, reduced navigation through the Strait of Hormuz, and Houthi attacks on ships in the Red Sea. Brent crude futures fell by $3.91 (3.88%) to $96.78 per barrel at settlement, after surpassing the $100 mark for the first time since last May during the previous session, but recorded weekly gains of approximately 10%. Similarly, West Texas Intermediate crude futures declined on Friday's session by $2.88 (3.12%) to $89.31 per barrel, achieving weekly gains of 8.27%.