Iran’s oil revenues are climbing as exports remain above pre-war levels, giving Tehran a stronger financial position at a time when much of the region’s energy trade is still facing disruption.
Recent estimates suggest Iranian oil revenues rose by around $25 million a day in March compared with the previous month, reaching roughly $139 million a day. Analysts say the rise has been helped by higher crude prices, tighter supply across the Persian Gulf and Iran’s ability to keep exporting through the Strait of Hormuz while many other producers continue to face restrictions.
Current estimates place Iranian oil exports at around 2.2 million barrels a day, broadly in line with the country’s average for 2025 and above levels seen before the current conflict intensified. Tanker tracking data suggests Iran has continued moving crude and refined products through Kharg Island and other export routes despite the disruption affecting neighbouring producers.
Iranian Light crude has also narrowed its discount to Brent. Before the conflict, Iranian oil often traded at much steeper discounts because of sanctions risks and the extra costs linked to shipping and insurance. As supply from other Gulf producers has tightened, that discount has shrunk sharply, giving Tehran more pricing power in the market. Iran still loses part of its potential revenue through sanctions evasion costs, including the use of intermediaries, shadow tankers and offshore storage, though the higher crude price environment is helping offset some of those losses.
The Strait of Hormuz remains central to the story. Around one fifth of the world’s oil passes through the route, but shipping volumes are still well below normal levels due to the conflict and higher insurance costs. War risk insurance premiums have risen sharply, while tanker charter rates have climbed to record highs. Some reports suggest Iran has begun charging transit fees of up to $2 million per vessel for certain ships passing through the strait, creating another source of revenue at a time when traffic remains limited.
Despite the stronger export picture, there are still risks for Iran. Shipping conditions remain unstable, some vessels are being turned back, and any direct attack on Iranian export infrastructure could quickly reverse the current gains. Analysts have warned that oil prices could move even higher if Kharg Island or other major facilities are targeted.
For now, however, Iran appears to be benefiting from an unusual position in the market. While other regional producers struggle with blocked routes, insurance costs and stranded cargoes, Iranian oil sales are continuing at a pace that is lifting both export volumes and daily revenues.
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