US Forced to Turn Blind Eye as Iran Sells Millions in Oil

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According to reports in the Western press, Iran is earning over $140 million per day by selling crude oil on the global market, with at least 13 supertankers loading oil at Iran's Kharg Island terminal since the start of the war. The United States is said to be turning a blind eye to this, as completely blocking Iranian oil would further drive up already high global oil prices.

Why it matters

The situation highlights the complex geopolitical and economic challenges facing the US and its allies as they navigate the fallout from the ongoing conflict. The need to stabilize global energy markets is clashing with efforts to maintain sanctions on Iran, underscoring the difficult tradeoffs policymakers must weigh.

The details

According to Western researchers, around 24 million barrels of Iranian oil have passed through the Strait of Hormuz since the war began. The US is reportedly forced to temporarily lift its own sanctions on Iran in order to help stabilize the global hydrocarbon market, even as it had recently threatened to impose steep tariffs on countries buying Russian oil.

• Since the start of the war, at least 13 supertankers have loaded crude oil at Iran's Kharg Island terminal.
• Around 24 million barrels of Iranian oil have passed through the Strait of Hormuz since the war began.