Iran Oil Update: Iran said oil embargo is now ineffective, selling crude oil at 20% higher price
Iran’s Parliament Speaker Mohammad Baghar Ghalibaf has made a big claim that the oil sanctions imposed by America are no longer affecting them. He told that Iran is now selling its crude oil at 20 percent higher price. However, while on one hand there is talk of trade, military tension between America and Iran is also continuously increasing.
Oil sales and US rebates
The US had issued a special exemption on June 23, 2026, which is being called ‘General License X’. This exemption is valid till August 21, 2026, under which Iran can now sell crude oil, petrochemicals and petroleum products in dollars. This decision has brought major relaxation in Iran’s oil sanctions. Additionally, under an agreement, America has also agreed to return Iran’s frozen assets worth $25 billion.
Increasing military tension and attacks
Amid trade talks, military clashes have also taken place between the two countries. On June 27, 2026, America attacked several targets in Iran. America said that Iran had attacked a Panama tanker named Kiku, which had more than 2 million barrels of crude oil. In response, America took action. Even on June 29, the military confrontation between the two countries continued, leading to a surge in oil prices in the global market.
Dispute over the Strait of Hormuz
Iranian officials say they control the Strait of Hormuz and can influence the global economy. Although the sea route was opened to commercial ships under an interim agreement, recent clashes have again raised concerns.
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