Iran earns $18bn oil revenue despite US conflict, impacting global oil prices

Iran’s oil ministry said the country earned $18 billion from oil exports during its recent conflict with the United States and the cease‑fire that followed, contrary to earlier claims that US actions had halted exports. The ministry said $11.5 billion came from sales during the fighting that began on 28 February 2026, and another $6.5 billion during the April cease‑fire before hostilities flared again earlier this month over the Strait of Hormuz. The total represents more than 60 % of the oil revenue projected in Iran’s annual budget for the period.

For Nigeria, Iran’s continued output matters because Tehran remains a key OPEC producer. Even under US pressure, Iran kept exporting, which helps keep global oil supply relatively steady. That steadiness can curb sudden price spikes, meaning Nigeria’s oil‑export earnings may stay closer to current forecasts rather than getting a boost from higher prices. At the same time, steady supply keeps fuel prices at the pump from jumping sharply, which helps households manage transport costs.

What does this mean for you? With Iran’s oil flows holding steady despite geopolitical tension, should you expect Nigeria’s budget assumptions and fuel prices to remain stable, or prepare for possible shifts if global oil dynamics change?

SOURCE: https://dailypost.ng/2026/07/26/iran-reports-18bn-in-oil-revenue-despite-conflict-with-us/