TEHRAN- Following the outbreak of war between the United States and Israel against Iran, escalating tensions in the Persian Gulf and the Strait of Hormuz, and the resulting volatility in the global oil market, Iran has restructured its oil sales system.

The country has moved away from a previously decentralized model—developed under U.S. sanctions and operated through a network of intermediaries—and has reinstated a centralized, official sales framework under the National Iranian Oil Company (NIOC).

Previously, Iranian oil was marketed through a network of intermediaries known as “trustees,” who played a key role in circumventing sanctions. However, since the onset of the war and amid rising demand for Iranian crude starting in March, oil sales have reverted to a more conventional pre-sanctions model, now exclusively managed by NIOC.

During the conflict, U.S. Treasury Secretary Scott Bessent also announced temporary waivers allowing certain countries to purchase Iranian oil in an effort to stabilize global energy markets, which have experienced unprecedented strain due to geopolitical tensions and the conflict involving Iran.

At present, the sole authority responsible for Iran’s oil sales is NIOC, which operates through its two main arms—the International Affairs Directorate and the Naftiran Intertrade Company (NICO)—to market both light and heavy crude.