Iran transfers $7.5B in oil revenues to central bank despite US naval blockade

Iran transferred $7.5 billion in oil revenues from sales during the first four months of the current Iranian year to the central bank, the semi-official Fars News Agency reported 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% 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 center 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 fulfills its commitments, including lifting the blockade and sanctions and releasing frozen Iranian assets.