Iran reported receiving $7.5 billion in oil revenues during the first four months of the current fiscal year, despite ongoing challenges posed by a U.S.-imposed naval blockade. The funds, transferred to the central bank, are expected to cover the government’s foreign currency needs from July through December, according to Fars News Agency, which cited data from Iran’s oil ministry. This figure represents 99% of the projected oil revenue for the same period outlined in the national budget, indicating that Iran continues to meet its financial obligations even amid heightened tensions with the United States. The reported oil earnings come as the U.S. naval blockade has disrupted Iran’s ability to export crude oil and conduct maritime trade. The dispute centers on the control of the strategically vital Strait of Hormuz, a critical chokepoint for global oil shipments. Iran has restricted access to the strait during the ongoing conflict, while the U.S. insists on its reopening to ensure free and unrestricted navigation. A Memorandum of Understanding (MoU) signed in June aimed to end the U.S.-Israeli campaign against Iran, with provisions including the lifting of the naval blockade, the release of frozen Iranian assets, and the removal of sanctions. However, Iran has stated it will not fully reopen the strait until Washington fulfills its commitments under the agreement. President Masoud Pezeshkian acknowledged the impact of U.S. sanctions on Iran’s economy, emphasizing the difficult conditions facing the nation. In an interview with state television, he remarked that critics who claim sanctions have no effect are misguided, stating, “We are in a war situation, and we must accept these wartime conditions.” Meanwhile, Tehran Governor Mohammad Sadeq Motamedian described the blockade as creating “exceptional and unique” circumstances for governing the country. He noted that infrastructure across Iran, especially in the capital, has suffered damage from attacks, with over 1,200 electricity sites in Tehran province targeted. Despite this, authorities have managed to restore power and repair water and communication systems relatively quickly. The conflict, which began on 28 February with attacks on military, nuclear, and infrastructure sites, escalated into a broader regional confrontation. Iran retaliated with missile and drone strikes against Israel and U.S. military installations in the region. Talks initiated under the June MoU have since stalled due to disputes over security assurances and the issue of navigation through the Strait of Hormuz. According to the International Maritime Organization, approximately 400 vessels and 6,000 seafarers remain stranded in the Gulf six months after the conflict began, highlighting the ongoing disruption to maritime traffic. The U.S. has continued to impose additional sanctions on Iran, targeting both an entity and an individual on Friday. Meanwhile, the U.S. military has redirected 82 commercial vessels, disabled three, and boarded two others to enforce compliance with the naval blockade, according to U.S. Central Command (Centcom). The IRGC has dismissed U.S. assertions that the Strait of Hormuz is open, accusing American officials of lying to conceal their failures. Commercial shipping through the strait remains about 90% below pre-conflict levels, prompting many operators to favor alternative northern routes, as reported by the UK Maritime Trade Operations (UKMTO). In related developments, Iranian President Pezeshkian expressed willingness to cooperate with regional neighbors such as Saudi Arabia and the UAE. On the political front, U.S. Democrats criticized the Trump administration for prolonging the war on Iran, warning that Republicans could face consequences in the upcoming midterm elections. Elsewhere, Israeli Defense Minister Israel Katz announced the evacuation of residents and occupation of the Jenin camp in the occupied West Bank. In the West Bank, three Palestinians were injured following an attack by Israeli settlers on the village of Al-Mughayyir near Ramallah.
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