Foreign Trade
While Trump Hails Gulf Oil Flowing, Iran's Fleet Also Gearing Up to Boost Exports
At least three Iranian tankers carrying five million barrels of oil have sailed through the U.S. naval blockade this week, shipping data shows. The movement follows Trump's announcement on June 14 of a deal to end the Iran war, scheduled to be signed on Friday in Switzerland. Iranian crude exports hit a six-year low of 260,000 barrels per day in May, down from 1.67 million bpd average in 2025. The memorandum of understanding calls for the U.S. to allow Iran to immediately begin selling oil and fuel.
