IRAN — Iran exports $6B in oil after US lifts Hormuz blockade

Iran shipped an estimated 70 million barrels of crude oil, valued at as much as $6 billion, between mid-June and mid-July following a temporary U.S.-Iran agreement that lifted the American blockade of the Strait of Hormuz. Analysts report that Iran is using ship-to-ship transfers in international waters off Malaysia to move the oil to private refineries in China. The surge in exports provides a significant revenue boost to Tehran's strained economy.