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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a development that marks a major shift in global oil market dynamics, Iran's chief negotiator Mohammad Bagher Ghalibaf announced that Iran has exported more than 40 million barrels of crude oil in the two weeks since the US lifted its naval blockade, and that the country is now selling oil at a 20% premium. According to a CNBC report citing Ghalibaf, this surge follows a general license issued by Washington allowing Iranian oil sales, effectively ending the blockade and unlocking Tehran's exports.
Globally, these developments coincide with oil prices holding near elevated levels, with Brent crude trading around $86 per barrel, according to recent market data. The announcement came after the US Energy Information Administration (EIA) reported a weekly inventory draw of 6.1 million barrels, underscoring a relative supply tightness. Previous estimates suggest Iran's exports were below 1 million barrels per day before the blockade was lifted, making the announced figure — equivalent to roughly 2.9 million bpd — a dramatic leap.
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Sign InInvestors are watching upcoming OPEC+ meetings for potential output quota adjustments in light of returning Iranian oil, especially after US GDP data showed 2.1% growth in Q2 2026 (per prior data). Additionally, the Fed's preferred inflation gauge (PCE) posted a 4.1% annual rise, which could influence monetary policy decisions and indirectly affect commodity prices. Markets remain on edge for signals on the volume of additional Iranian supply and its impact on the global supply-demand balance.