Iran transfers US$7.5b in oil revenues to central bank amid US blockade

Malay Mail:


Iran transfers US$7.5b in oil revenues to central bank amid US blockade



Iran’s energy sector has been hit by disruptions since joint US-Israeli strikes on the Islamic Republic triggered the Middle East war in late February 2026. — AFP pic


Summary

• Iran has transferred US$7.5 billion in oil revenues to its central bank from sales during the first four months of the current Iranian year, nearly meeting its budget projections despite a US naval blockade.
• This funding should cover foreign-currency expenses until December.
• The blockade, a focal point of US-Iran tensions, has affected Iranian exports and trade via the Strait of Hormuz.
• Negotiations continue, with Iran linking the full reopening of the strait to the lifting of the blockade and sanctions.

First Published: Saturday, 29 Aug 2026 4:17 PM MYT


ISTANBUL, Aug 29 — Iran transferred US$7.5 billion (RM31.6 billion) in oil revenues from sales during the first four months of the current Iranian year to the central bank, Anadolu Ajansi reported, citing the semi-official Fars News Agency on Saturday.

The funds would be sufficient to cover the government’s foreign-currency expenditures from July through December, the report said, citing information obtained from Iran’s Oil Ministry.

Iran has enough oil available for sale outside the US naval blockade to meet the revenue requirements set under its state budget for March 21, 2026-March 20, 2027, according to the report.


Oil revenues on March 21-July 22, the first four months of the Iranian year, reached 99 per cent of the amount projected in the budget for the period, according to the report.


The development comes amid a US naval blockade imposed on Iran, which has disrupted Tehran’s oil exports and maritime trade.


The Strait of Hormuz, a key route for global energy shipments, has remained at the centre of the US-Iran conflict.

Iran closed the strategic waterway, while the US has demanded its reopening to free and unrestricted navigation.


Under a memorandum of understanding reached in June to end the US-Iran war, lifting the US naval blockade and reopening the Strait of Hormuz are among the key provisions.

Iranian officials have said Tehran will not fully reopen the waterway until Washington fulfils its commitments, including lifting the blockade and sanctions and releasing frozen Iranian assets. — Bernama-Anadolu