Sanctions were supposed to strangle Iran’s oil income. Someone forgot to tell the buyers.
Iran’s Oil Ministry reported that oil sales exceeded $11 billion in the first four months of the fiscal year, a figure that lands with some weight given the country was simultaneously navigating active conflict with the United States and Israel, plus the diplomatic aftermath of a ceasefire.
The breakdown, according to ministry reporting, puts $11.5 billion in revenue during the war period that began February 28, 2026, and another $6.5 billion accumulated during the ceasefire that followed. Together, those two figures represent more than 60% of Iran’s entire budgeted oil revenue for the fiscal year, compressed into a fraction of the calendar.
China remains the engine behind Iran’s export machine
Independent tracking puts Iranian exports at roughly 145.7 million barrels through March 2026, valued at approximately $11.2 billion. Nearly every barrel moved in that period went to Chinese buyers.
