Iran is earning $140mn daily from oil exports as the US turns a blind eye to shipments from Kharg Island, despite sanctions. At least 13 supertankers have loaded crude since Middle Eastern strikes began, with about 24mn barrels passing through the Strait of Hormuz, effectively closing the vital waterway to other shipping.

US Treasury Secretary Scott Bessent confirmed Washington is allowing Iranian oil sales to stabilize global markets, with crude prices now above $100 per barrel. The administration's tolerance comes despite growing pressure from hawks in Washington to cut off Tehran's oil revenues ahead of midterm elections where gasoline prices weigh heavily on voters.

More than 90% of Iran's oil exports flow to China, often to independent refineries that purchase the discounted crude despite sanctions. Despite US bombing of Kharg Island targeting naval facilities, business continues as normal, with analysts predicting the trade will persist as long as Iranian vessels can navigate the heightened security risks.