Iran’s oil ministry reports $11B in sales despite sanctions, with crypto playing a quiet role

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. When tanker traffic through the Strait of Hormuz became riskier during active hostilities, volumes adjusted. When the ceasefire reduced that risk, shipments picked back up, including roughly 100 million barr...