Iran's $18B oil sales during war and ceasefire

Iran managed to achieve oil sales worth $18 billion during both the war and the truce periods by adopting a flexible export mechanism that includes floating storage and maritime transportation using a shadow fleet. This fleet employs camouflage techniques and shifts between ships to conceal the origin of the shipments. During the war, exports totaled $11.5 billion, and during the truce, they reached $6.5 billion, accounting for more than 60% of its budget revenues. Floating storage, which reached 166 million barrels in January 2026, is a key part of its strategy to counter sanctions and sustain income flows, despite attempts by the United States to identify and disrupt this network through sanctions on carriers and intermediaries. The results show that Iran has been able to maintain its oil flow and flexibility despite pressures, though there are potential risks to the global market and maritime security in the Gulf.

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