Ammon News - Iran is exporting more oil through the Strait of Hormuz than before the war, showing it is in control of a strategic waterway that it has closed off to the rest of the region’s oil producers.

As Gulf Arab oil producers from Saudi Arabia to Iraq cut production and scramble for new routes that bypass the strait, Iran is conducting business as usual, according to data from tanker-tracking firm Kpler, throwing a financial lifeline to Tehran as it comes under blistering attack from the U.S. and Israel.

Since the war started on Feb. 28, seven tankers have loaded oil off the Iranian coast, according to Kpler. At least two of the most recent loadings are out of the Persian Gulf, Kpler said. Over the past six days, tankers have loaded a daily average of 2.1 million barrels of Iranian oil, higher than the 2 million barrels a day Iran exported in February, according to Kpler.

Iran’s export levels can vary week to week, but the recent increase shows that, unlike other producers, their shipments are unimpeded and that China hasn’t lost its appetite for Tehran’s crude.

Iran’s Islamic Revolutionary Guard Corps threatened to attack any ship trying to cross the strait since the U.S. and Israel launched airstrikes at the start of the conflict, scaring off ships carrying oil and goods between the wider world and the Persian Gulf, where about a third of global oil production takes place. Iran has fired drones and missiles at Gulf Arab oil producers and warned that it would set fire to ships crossing the strait.

The crisis has sparked fears that a doomsday scenario was finally coming to pass, with millions of barrels of oil coming off the market every day. Markets have whipsawed in recent days, with oil prices near $120 a barrel Monday before sliding below $80 a barrel on Tuesday after President Trump said the war would end “very soon.”

If the strait remains blocked for two weeks, Gulf oil supplies could be cut by about 3.8 million barrels a day, according to bank JP Morgan, more than 3% of global production.

Wall Street Journal