Iran’s oil revenues have climbed sharply in March, rising by an estimated $25mn per day from the previous month to reach $139mn per day, as exports increase and price discounts narrow despite ongoing tensions in the Middle East, says Goldman Sachs.

The increase comes as Iranian tankers continue to transit the Strait of Hormuz, even as much of the broader Persian Gulf oil supply remains constrained by geopolitical instability. As a result, Iranian crude exports are now exceeding their pre-war average of 2.2mn barrels per day, according to market estimates.

Pricing dynamics have also shifted in Tehran’s favour. Iranian Light crude is currently trading at a discount of $2.10 per barrel to Brent crude, compared with a discount of around $10 before the conflict, reflecting stronger demand and tighter regional supply.

In addition to higher export volumes and improved pricing, Iran has introduced new revenue streams linked to maritime traffic. The country is charging transit fees of up to $2mn per vessel for commercial ships crossing the Strait of Hormuz, one of the world’s most critical oil chokepoints.

The rise in revenues comes as Washington has taken steps to mitigate the impact of the conflict on global oil markets. The US government has temporarily eased sanctions on a significant volume of Iranian crude already held on tankers at sea, allowing those shipments to reach buyers and helping to contain upward pressure on international prices.

The combination of sustained export flows, improved price realisation and additional transit income has led to a sharp increase in Iran’s oil income, underscoring the country’s ability to maintain and even expand energy revenues despite ongoing sanctions and regional conflict.