Sanctioned Iranian oil traders have increased profits from the war as US policy shifts allowed some Tehran-linked shipments to continue, Bloomberg reported Thursday, citing people familiar with the operations and tanker-tracking data.
The report said traders, including Hossein Shamkhani, have been able to move crude through the Strait of Hormuz and benefit from higher global prices, despite earlier US action targeting his shipping network.
It added that a second network linked to Supreme Leader Mojtaba Khamenei has also benefited from the waiver, citing people familiar with the trading activities.
Bloomberg said the US Treasury issued a temporary sanctions waiver allowing Iran-linked vessels to move and sell oil already loaded as of March 20, after the Justice Department moved to seize funds tied to Shamkhani’s network.
That helped Iranian oil, previously sold at a discount, trade at a slight premium to Brent crude, the report said.
The report said Iran’s control of the Strait of Hormuz has enabled its ships to transit while restricting flows from other producers in the Persian Gulf, contributing to supply shortages and higher prices.
