Iranian oil revenues are surging: Estimated Iranian oil revenues are up +$25 million per day in March from the prior month, to $139 million per day. This comes as Iranian tankers are still transiting the Strait of Hormuz while most other Persian Gulf oil supply is still restricted. As a result, Iranian oil exports are exceeding the pre-war average of 2.2 million barrels per day. Furthermore, Iranian Light crude prices are trading just -$2.10 below Brent, compared to a -$10 discount before the war. Iran is also generating additional revenue by charging transit fees of up to $2 million per vessel for commercial ships crossing Hormuz. All while the US government is trying to limit the impact of the war on oil prices by temporarily lifting sanctions on a large amount of Iranian oil already on tankers at sea. Iranian oil sales are soaring.(The Kobeissi Letter)