Six months into the US-Israeli military conflict with Iran and amid a crippling US naval blockade disrupting its key oil exports, Tehran has hit nearly all of its first four-month oil revenue projections for the current Iranian calendar year, transferring $7.5 billion in oil earnings to the country’s central bank, Iran’s semi-official Fars News Agency reported Saturday. Citing official data from Iran’s oil ministry, Fars noted that the accumulated $7.5 billion will cover all of the Iranian government’s planned foreign currency expenses for the six-month period from July through December.
Between March 21 and July 22, the opening four months of Iran’s 1404 calendar year, total oil revenue reached 99 percent of the target outlined in the country’s annual national budget, the outlet confirmed. The milestone comes as Washington’s naval blockade has severely disrupted Tehran’s oil exports and broader maritime trade, with the status of the Strait of Hormuz — the strategic waterway that carries roughly a fifth of the world’s daily oil consumption — emerging as the core flashpoint in ongoing tensions between the US and Iran.
Iran has restricted transit through the key chokepoint since the conflict began, while the US has demanded full reopening to guarantee unimpeded navigation. A landmark June Memorandum of Understanding (MoU) reached to de-escalate the US-Israeli war on Iran included two core provisions: lifting the US naval blockade and reopening the Strait of Hormuz to full commercial traffic. But Iranian officials have repeatedly emphasized that Tehran will not fully reopen the waterway until Washington fulfills all its commitments under the MoU, which also include releasing billions of dollars in frozen Iranian assets and rolling back sweeping international sanctions.
In recent comments, Iranian President Masoud Pezeshkian acknowledged the heavy toll US sanctions have inflicted on Iran’s domestic economy, pushing back against public claims that the restrictions have had no meaningful impact. “Some say sanctions have no effect at all; to those people, I really don’t know what to say,” Pezeshkian told Iranian state television in an interview. “We are in a war situation, and we must accept these wartime conditions.”
Tehran Governor Mohammad Sadeq Motamedian echoed that assessment Saturday, telling a televised panel that the combined pressure of the naval blockade, intensified sanctions, and targeted attacks on critical domestic infrastructure have created unprecedented challenges for governing the country, per remarks carried by the Iranian Students’ News Agency (ISNA). “The blockade imposed on our country in the maritime domain meant that managing the country took place under truly exceptional and unique conditions,” he said.
Motamedian added that US-Israeli strikes have heavily focused on infrastructure across Iran, particularly in the capital Tehran, but quick response teams have restored most damaged services rapidly. More than 1,200 electricity infrastructure sites across Tehran province have been targeted in attacks, he confirmed, though power services were restored within a short timeframe after each strike. Water infrastructure also sustained damage but was quickly repaired, while telecommunications and natural gas distribution facilities also suffered disruptions, he added. Intensified international sanctions imposed during the conflict have piled additional economic pressure on the country, the governor noted.
The US-Israeli military campaign against Iran launched on February 28, with initial strikes targeting military sites, nuclear facilities, and critical civilian infrastructure across the country. Tehran responded with coordinated missile and drone strikes targeting Israeli territory and US military bases across the Middle East, escalating the regional conflict. The June MoU was designed to open negotiations for a permanent ceasefire and broader peace agreement, but those talks have since stalled over intractable disagreements on security guarantees and rules for navigation through the Strait of Hormuz.
As the standoff continues, the International Maritime Organization (IMO) released an update Friday warning that hundreds of commercial vessels and thousands of seafarers remain stranded in the Persian Gulf six months after the conflict began. “While some ships and their crews have been able to leave the Gulf, up to 400 ships carrying around 6,000 seafarers have been unable to depart safely since the conflict began,” IMO Secretary-General Arsenio Dominguez said in a statement. Dominguez also warned that the ongoing disruption to global fuel and fertilizer supply chains stemming from the closure carries “grave” consequences for vulnerable communities and national economies around the world. This report is compiled from original independent coverage by Middle East Eye.