Key facts
- Iran's oil sales generated $7.5 billion in foreign currency during the first four months of 2026.
- This revenue marks a 50% increase from the same period in 2025.
- The funds are expected to cover government foreign currency needs until late December.
- The war between Israel and the United States against Iran began on February 28, 2026.
- The conflict has led to significant disruptions in oil exports and infrastructure damage.
Iran has channeled $7.5 billion in foreign currency earnings from oil sales to its central bank during the first four months of 2026, marking a 50% increase from the same period in the previous year, according to the semiofficial Fars news agency, citing Oil Ministry data. These funds are expected to cover the government's foreign currency requirements until late December.
The figures cover the initial months of 2026, including the period following the joint military actions launched by Israel and the United States against Iran on February 28. This conflict has severely impacted Iran's energy sector, leading to the destruction of infrastructure and the closure of the Strait of Hormuz by Iranian forces. A US naval blockade of all Iranian ports was imposed from April 13, with an indeterminate end date.
As a result of the war and blockade, Iran's oil export volume has collapsed to approximately 300,000 barrels per day in the first weeks of April, an over 80% decrease from March levels. The International Monetary Fund projects Iran's economy to contract by 6.1% in 2026, with inflation approaching 68.9%. The Iranian rial reached a record low of 1.81 million per US dollar on April 29, 2026, and two million jobs have been lost since the conflict began.
Despite the crisis in Iran, energy companies have seen significant profit increases. Saudi Aramco reported a 25% rise in first-quarter profits to $32.5 billion, while BP's profits doubled to $3.2 billion, Shell's rose to $6.9 billion, and TotalEnergies reported $5.4 billion in adjusted net income. These companies have leveraged alternative export routes to maintain operations.
Currently, talks are underway in Switzerland between the US, Israel, and Iran, with a memorandum of understanding in place for a 60-day ceasefire. The negotiations aim to address Iran's nuclear program, sanctions relief, and the future of the Strait of Hormuz.