Iran sells over 40 million barrels of oil in two weeks after US waiver

After the United States lifted a seaport blockade and issued a sanctions waiver on June 22, Iran exported roughly 40‑50 million barrels of crude in the following two weeks. Iran’s chief negotiator Mohammad Bagher Ghalibaf said the volume was over 40 million barrels; satellite‑tracking firm TankerTrackers estimated about 50 million. The oil was sold at a roughly 20 % premium to the discounted prices it fetched under maximum‑pressure sanctions, adding an estimated $400‑$750 million in revenue. The waiver, valid through Aug 21, aligns with a 60‑day memorandum of understanding that also opened the Strait of Hormuz to traffic without tolls, though Iran retains sovereignty over the waterway. While Asian buyers, especially Indian refiners, remain cautious about contract risk after the deadline, the higher‑priced shipments signal a shift toward market‑linked pricing for Iranian crude.