LONDON / TEHRAN — March 17, 2026 : Iran continues to generate approximately $140 million per day in crude oil revenue, sustaining exports despite ongoing U.S. and Israeli military strikes targeting elements of its military infrastructure, according to a detailed analysis by the Financial Times based on satellite imagery and maritime tracking data.
The report indicates that Iran is exporting between 1.5 million and 1.6 million barrels of crude oil per day through the Strait of Hormuz. These volumes remain broadly consistent with the country’s average export levels over the past year, reflecting limited disruption to its core energy operations amid the current regional conflict.
Export Operations Continue at Kharg Island
Data from energy analytics firms Kpler and Vortexa, cited in the report, show that export activity remains concentrated at Kharg Island, Iran’s primary oil export terminal, which handles roughly 90 percent of the country’s crude shipments.
Since the escalation of military strikes in late February 2026, at least 13 Very Large Crude Carriers (VLCCs) have loaded oil at the facility. In total, approximately 24 million barrels of Iranian crude have transited the Strait of Hormuz during this period.
On March 14, U.S. forces conducted strikes on military installations located on Kharg Island. However, oil infrastructure at the site—including 55 storage tanks and associated underwater pipeline systems—was not targeted. Satellite imagery reviewed in the aftermath of the strikes confirmed that commercial loading operations continued without interruption.
U.S. Approach Focused on Market Stability
The continuation of Iranian exports reflects a calibrated U.S. approach to sanctions enforcement during the ongoing conflict. With regional shipping routes disrupted and some Gulf producers facing constraints in moving crude through the Strait of Hormuz, a full halt in Iranian exports could contribute to a significant global supply shortfall.
Global oil prices have recently risen above $100 per barrel, increasing the risk of further volatility. U.S. Treasury Secretary Scott Bessent stated that Washington is currently allowing Iranian oil shipments to proceed in order to maintain adequate global supply.
“Iranian ships are already coming out and we’ve let them do that. We want the world to be well supplied,” Bessent said, according to the report.
Iranian crude is typically sold at a discount of around $10 per barrel relative to the Brent benchmark, a pricing strategy designed to offset sanctions-related risks for buyers. This discounted pricing, combined with elevated global oil prices, contributes to the estimated daily revenue figure.
China Dominates Iranian Oil Purchases
More than 90 percent of Iran’s crude exports are currently directed to China, where shipments are primarily received by smaller, independent refineries. These facilities are known for processing discounted crude from sanctioned sources, including Iran and Russia.
To sustain exports under sanctions, Iran relies in part on a network of aging oil tankers often referred to as a “shadow fleet.” These vessels frequently operate without Western insurance coverage and may disable transponders to limit traceability.
However, maritime tracking data cited in the analysis indicates a recent increase in the use of tankers officially owned by the National Iranian Oil Company (NIOC) for loading operations at Kharg Island. Analysts attribute this shift to a reduction in participation by some shadow fleet operators due to elevated risks associated with military activity in the region.
Sustained Flows Amid Regional Disruption
The persistence of Iranian oil exports comes amid broader disruptions to energy flows in the Gulf linked to the ongoing conflict. Despite these challenges, Iran has maintained steady shipment levels through the Strait of Hormuz, underscoring the resilience of its export infrastructure.
The Financial Times analysis notes that Iran had previously increased export capacity ahead of the conflict, at times reaching volumes of up to 4 million barrels per day. Current export levels represent a sustained, though reduced, flow under wartime conditions.
No official statements have been issued by the U.S. State Department or Iran’s Oil Ministry regarding the reported export volumes or the current enforcement posture. The findings are based on independent tracking data, satellite imagery, and shipping analytics.
The continued flow of Iranian oil highlights the balance being maintained between military operations in the region and the need to avoid destabilizing global energy markets.
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