Report: Iranian Oil Profits Doubled Since Start of War

March 30, 2026
Kyle Anzalone

Since the US and Israeli surprise attack on Iran, Tehran has continued to export oil that is selling at significantly higher prices.

According to an analysis by The Economist, nearly all of the oil tankers currently exiting the Persian Gulf are linked to Iran. After the surprise attack on February 28, Tehran closed the Strait of Hormuz to US and Israeli-linked shipping. The restrictions include preventing Washington’s Gulf Arab allies from exporting oil.
While most Gulf countries’ oil exports have dropped to zero, The Economist spoke with a source familiar with the Iranian account who explained that Tehran’s oil exports have remained stable or increased since the start of the conflict.
The White House has not targeted Iranian oil tankers to prevent global oil prices from spiking. However, oil prices have increased, and Iranian oil profits have doubled in the past month.
On Monday, Trump renewed his threat to attack Iranian energy infrastructure if Tehran does not immediately reopen the Strait of Hormuz.  
Economists are predicting the war against Iran to have significant consequences for the American economy, including tens of thousands of lost jobs and inflation of over 4%.
The energy crisis will also have global consequences, as about 15% of the world’s oil supply comes from the Gulf. South Korean President Lee Jae Myung said that the energy crisis is “worse than you think,” and it keeps him awake at night.
 

Iranian livelihoods are being blown apart by US and Israeli bombs

MEE correspondent in Tehran

Air strikes are devastating Tehran's small businesses, leaving civilians jobless and indebted

As the US and Israel boast of the military success of their bombing campaign in Iran, ordinary Iranians describe a very different reality – one defined by profound losses.

The war has wrought destruction, relentless fear, financial ruin and the sudden collapse of years of hard work.
Ahmadreza, a shop owner in central Tehran, is one of them. The 40-year-old ran a small optical store until an air strike destroyed everything he had worked for.
"My entire life savings are gone," he told Middle East Eye. "Everything I had built over the years just disappeared in seconds."
Ahmadreza estimates his losses at around 150 billion rials, roughly $100,000.
"All the glasses I had imported burned," he said. "Now I am left with nothing but a pile of checks I have no idea how to pay."
Ahmadreza said there were no military sites near his shop, leaving him struggling to understand why the area had been targeted.
"No base, no police station, nothing," he said. "This was just a commercial area, a place where people came to buy glasses."
His voice turned bitter. "They [the US and Israel] said they were bringing us freedom. Is this what freedom looks like?"
The US‑Israeli bombing campaign has increasingly struck civilian infrastructure across Iran, leaving tens of thousands of non-military sites, such homes, schools and hospitals, damaged or completely destroyed.
Everything was gone
As the war enters its second month, many Iranians say the nature of the strikes has changed.
While Israeli officials maintain that they are targeting military infrastructure, people on the ground say civilian areas are increasingly being hit.
For many, the distinction no longer feels meaningful.
Mina, who works at a women's beauty salon in western Tehran, said her workplace was completely destroyed in one of the strikes.
She still remembers the night before it happened.
"I couldn't sleep," she said. "The sound of the jets was so close, like something buzzing right next to your ear."
She described the noise as constant, overwhelming. "You could hear them coming and going all night," she said. "It felt like they were right above us."
Despite the war, however, the salon had been busy.
It was just days before Nowruz, the Persian New Year, one of the busiest times of the year for beauty businesses.
"We had so many appointments," Mina said. "People wanted to get ready for the holidays."
The next morning, everything was gone.
"When I arrived, the whole building was destroyed," she said. "All the mirrors were shattered. Pieces of chairs and hairdryers were buried under the rubble."
She struggled to hold back tears.
"We don't know what to do now," she said. "Our boss worked so hard to keep that place running. We are now all out of work."
Mina, who specialises in nail services, had a full schedule of clients.
"Now, I don't even have a place to work," she said quietly.
Like Ahmadreza, she said there were no military facilities nearby.
Dreams reduced to ash
For others, the loss is not only financial - it is deeply personal.
Naghmeh, 29, had spent years studying fashion and textile design. Along with three friends, she had recently launched a small clothing brand.
"We were four young women trying to build something for ourselves," she said.
With international sanctions limiting imports, they saw an opportunity.
"People could no longer easily buy foreign brands," Naghmeh said. "So we decided to create our own."
Their studio, located in western Tehran, was destroyed when bombing struck their street.
"Shrapnel from an attack on another building set everything on fire," she said. "All our work, our designs, our products, everything burned."
She said she and her friends still cannot bring themselves to calculate their losses.
"We try to move forward every time life knocks us down," she added. "But then it feels like something grabs us by the throat again."
Naghmeh took a breath. "We are exhausted," she said. "Completely exhausted."
A change in strategy
Across Tehran, similar stories are becoming more common.
Many residents say that, compared to the early days of the war, more strikes are now hitting areas with no clear military presence.
They may not always understand why, but they say they can feel the difference.
Hassan, a 67-year-old restaurant owner in northern Tehran, lost a business that had been in his family for decades.
"My father opened this place 35 years ago," he said. "After he passed away, I kept it running."
Now, he said, there is nothing left. "It's all rubble."
Hassan believes the shift reflects a broader change in strategy.
"They expected Iran to collapse after the first attacks," he said. "Or at least that people would take to the streets and bring down the government."
He shook his head. "That never happened."
His voice then rose: "Did they really think people would protest while bombs are falling? Who would risk going outside like that?"
For Hassan, the consequences are immediate and personal.
"I have three children," he said. "How am I supposed to provide for them now?"
Fear, anger and uncertainty
As the war drags on, the mood in Tehran is increasingly defined by fear and anger.
People do not know how long the conflict will last, and many say they no longer believe it will achieve the goals declared by either side.
What worries them most, however, is how much worse things could become.
Mina said she often finds herself thinking in unexpected ways.
"Maybe I shouldn't say this," she said, "but sometimes I feel lucky that my home wasn't hit."
"At least a workplace can be replaced."
Sighing, Mina added: "I worry about my boss. I worry about everyone. But right now, the only thing I can hold on to is a small hope that this war ends soon."
For many Iranians, the war is no longer about politics or strategy. It is about survival.
Small business owners, workers and young entrepreneurs say they are being pushed to the edge - financially, emotionally and psychologically.
They don't speak of victory or defeat, but of loss.
Loss of income, of stability, of the future they thought they were building. And above all, a deepening sense that they are caught in something far bigger than themselves.
"We are stuck," Naghmeh said quietly.
 "We didn't choose this war. But we are the ones living through it."
 

US Used a New Missile in a Strike in Iran That Hit a Sports Hall and an Elementary School

Dave DeCamp

At least 21 civilians were killed in the bombing, which occurred on the first day of the US-Israeli war against Iran

The US used a new missile in a strike on the first day of the US-Israeli war against Iran that hit a sports hall and an adjacent elementary school in the Iranian city of Lamerd, killing at least 21 people in the area, The New York Times has reported.
The report, which cited weapons experts and analysis of footage of the strikes, said the sports hall, school, and nearby areas were likely hit by a short-range ballistic missile called the Precision Strike Missile, or PrSM (pronounced “prism”), which had not been tested in combat before the February 28 strikes.
The PrSM missiles are designed to detonate just above their target and blast small pellets outward, which is consistent with the footage and pictures reviewed by the Times. The missiles completed prototype testing last year, and Adm. Brad Cooper, the head of US Central Command, has said that the PrSM was used for the first time in combat in US strikes on Iran.
Drop Site News published a report on the strike on the sports hall on March 1. The report said that dozens of teenage girls were attending regular training sessions in volleyball, basketball, and gymnastics at the time of the strike.
“Within seconds of the missile strike, the windows shattered into thousands of fragments. Sports equipment, balls, tables, barriers flew through the air. Black smoke filled the space. The smell of gunpowder made breathing almost impossible. The screaming began immediately, layered with the sound of debris collapsing and concrete falling from the ceiling,” Mohammed Saed Khorshedy, a worker at the sports hall who witnessed the attack, told Drop Site.
According to Iranian media, at least 21 civilians were killed by strikes on the sports hall, the school, and nearby residential areas. The sports hall and the school are next to an Islamic Revolutionary Guard Corps (IRGC) compound, but according to an analysis from the BBC, the IRGC base appeared to be undamaged after the strikes.
Negin Bagheri, a journalist based in Iran, said that two young girls, Helma Ahmadizadeh, a fourth-grader, and Elham Zaeri, a fifth-grader, were killed in the US attack, which struck as they were practicing volleyball. A boy in sixth grade who was playing soccer outside was also killed, along with his coach.
The massacre of civilians in Lamerd was overshadowed by the US Tomahawk missile strikes on an elementary school in Minab, southern Iran, which occurred earlier in the day, killing more than 100 school girls and boys.
 

Spain Closes Airspace to US Warplanes Involved in Attacks on Iran

Kyle Anzalone
The Spanish Defense Minister blasted the US and Israeli war against Iran as “profoundly” illegal and unjust. She explained that Madrid would not allow Washington to use its airspace for operations against Iran.
“We don’t authorise either the use of military bases or the use of airspace for actions related to the war in Iran,” Defense Minister Margarita Robles told reporters on Monday. “I think everyone knows Spain’s position. It’s very clear.” She added that the war was “profoundly illegal and profoundly unjust.”
The conflict started with a US and Israeli surprise attack on February 28 that assassinated Iranian Supreme Leader Ayatollah Ali Khamenei. The strikes also hit an elementary school, killing over 160 people.
The attack ignited a conflict that now rages across the Middle East. Part of the Iranian response has been striking US bases in the region. Over a dozen US  bases have been significantly damaged or destroyed.
The US has relied on some European bases to strike Iran. Madrid, barring American warplanes from its airspace, will force US aircraft based in the UK to fly around Spain.
Madrid’s refusal to support the US war on Iran has angered President Donald Trump. The President previously threatened to cut off US trade with Spain if Madrid did not allow the Pentagon to use its bases for attacks on Iran. While Spain has not lifted the ban, Trump has not followed through on his threat to cut trade.
The Spanish Economy Minister said Madrid was not concerned about further angering Trump by barring American warplanes from its airspace. “This decision is part of the decision already made by the Spanish government not to participate in or contribute to a war which was initiated unilaterally and against international law,” Carlos Cuerpo explained.
The White House responded to Spain’s decision, saying the US “does not need help from Spain or anyone else.”
 

Joe Kent Urges Americans To Call White House and Congress To Object To Sending Troops Into Iran

Dave DeCamp
Joe Kent, the former director of the National Counterterrorism Center who resigned over his opposition to the US-Israeli war against Iran, is urging Americans to contact the White House and Congress to express opposition to the US sending ground troops into Iran.
In a post on X, Kent shared the phone numbers for the White House comment line (202-456-1111) and the congressional switchboard (202-224-3121). “Respectfully tell them that we do not support putting any boots on the ground in Iran,” he said in a video included in the post.
“This is how we the people can have our voices heard. It’s critical that we pray for peace, but it’s also critical that we work towards peace. Respectfully contact your elected officials and let them know we the people do not support this war,” he added.
Kent’s message comes as thousands of additional US troops have arrived in the Middle East as the Pentagon is preparing potential ground operations that could involve attempting to seize control of Iranian islands or areas of the coast near the Strait of Hormuz.
Kent, a former Green Beret and CIA paramilitary officer, said in his resignation letter to President Trump earlier this month that he could not “in good conscience support the ongoing war in Iran.” He told the president that “Iran posed no imminent threat to our nation” and that it was “clear that we started this war due to pressure from Israel and its powerful American lobby.”
 

Trump Says He Wants To Invade Iran’s Kharg Island To ‘Take the Oil’

Dave DeCamp

The president said that seizing and controlling the Iranian island would require a long occupation

President Trump told the Financial Times on Sunday that he wants to “take” Iran’s oil in an operation that could involve the US seizing and occupying Kharg Island, a major Iranian oil export hub deep inside the Persian Gulf.
The US president said that his “preference would be to take the oil” and compared the possibility to Venezuela, where the US has controlled the country’s oil exports following the attack to abduct Venezuelan President Nicolas Maduro.
“To be honest with you, my favourite thing is to take the oil in Iran, but some stupid people back in the US say: ‘Why are you doing that?’ But they’re stupid people,” Trump told the paper.
He also acknowledged that seizing and controlling Kharg Island would require a long occupation. “Maybe we take Kharg Island, maybe we don’t. We have a lot of options. It would also mean we had to be there [in Kharg Island] for a while,” Trump said.
The comments come as the Pentagon is deploying Marines and US Army Airborne troops to the region to prepare for potential ground operations, which would likely result in significant US casualties. Trump insisted it would be easy for the US to take control of Kharg Island, but US forces would face significant Iranian missile and drone fire. “I don’t think they have any defense. We could take it very easily,” he said.
The president also claimed that Iran had given the US a “present” by allowing some ships to pass through the Strait of Hormuz, but Iran is benefiting from the arrangement, as it’s reportedly charging transit fees and is earning much more on oil sales than it was before the war.
Trump also repeated his claim that “regime change” has already happened in Iran since Ayatollah Ali Khamenei and other senior officials have been killed, but the assassinations have not slowed Iran’s military response, and there’s no sign the Islamic government will collapse. Khamenei’s son, Mojtaba Khamenei, has taken over as the supreme leader, though Trump is claiming that he’s either “dead or in extremely bad shape” since he hasn’t made a public appearance.
 

Trump Threatens To ‘Blow Up’ Iran’s Desalination Plants

Dave DeCamp

When asked why the president is threatening to potentially commit war crimes, the White House said Iran's 'best move is to make a deal'

President Trump on Monday added Iran’s desalination plants to the list of infrastructure he may “blow up” if a deal isn’t reached to end the war, threatening attacks on the country’s water supply, a clear war crime under international law.
“The United States of America is in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran,” President Trump wrote on Truth Social, though Iran continues to deny negotiations are taking place.
“Great progress has been made but, if for any reason a deal is not shortly reached, which it probably will be, and if the Hormuz Strait is not immediately ‘Open for Business,’ we will conclude our lovely ‘stay’ in Iran by blowing up and completely obliterating all of their Electric Generating Plants, Oil Wells and Kharg Island (and possibly all desalinization plants!), which we have purposefully not yet ‘touched,'” Trump added.
White House Press Secretary Karoline Leavitt was asked later in the day why President Trump was threatening what would amount to a potential war crime. “Look, the president has made it quite clear to the Iranian regime at this moment in time, as evidenced by the statement that you just read, that their best move is to make a deal, or else the United States armed forces have capabilities beyond their wildest imagination, and the president is not afraid to use them,” she said.
Earlier in March, Iran said that the US had struck a desalination plant on Iran’s Qeshm Island, affecting the water supply for 30 villages. US Central Command denied that it hit the facility, though the strike was also recorded by the Human Rights Activist News Agency, or HRANA, a US-based and US-funded NGO that’s very critical of the Iranian government. The HRANA didn’t specify if it was a US or Israeli strike.
Following the strike on the desalination plant in Qeshm Island, Bahrain said that an Iranian drone struck one of its desalination plants. On Sunday, a desalination plant came under attack in Kuwait, killing an Indian worker. For its part, Iran denied it was responsible and claimed it was some sort of “false flag” operation.
The US’s Gulf Arab allies are extremely reliant on desalination plants for their water supply, much more so than Iran, meaning that any large-scale targeting of such facilities in the region could cause a major humanitarian crisis.