Iran’s crucial oil sector emerged largely unscathed from the 12-day war with Israel. Despite dominating Iranian airspace and hitting targets at will, the Israeli military held back from targeting Iran’s crude oil production and export facilities. This appears in part to have been a recognition that Tehran would not move to close the Strait of Hormuz so long as it was still exporting its own oil through the chokepoint.
With the fragile ceasefire holding since 24 June, the immediate threat to Iranian exports has now passed. Indeed, US President Donald Trump appears to have tacitly accepted that Iran can continue exporting crude oil and condensate to China, posting on Truth Social that same day that “China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the US, also. It was my Great Honor to make this happen!” (CONTINUED - 985 WORDS)
