Trump’s war on Iran was meant to grind the country into submission, but a new report shows Iran is now making nearly double its pre-war oil profits

Iran is now making nearly double the daily oil profits it was earning before President Donald Trump launched his war on February 28. This is the opposite of what the conflict was meant to achieve, as the goal was to cripple Iran financially.

Iran is currently exporting between 2.4 million and 2.8 million barrels of oil and petroleum products every day, including 1.5 million to 1.8 million barrels of crude oil, according to a source familiar with Iran’s oil accounting. These numbers match or possibly even exceed last year’s export figures, and the products are now selling at much higher prices.

Iran is using these increased profits to fund the Islamic Revolutionary Guard Corps to strengthen its defense, reports The Economist. China is also reportedly helping Iran move funds to Asia to protect them from potential actions by the Israeli military.

The war has sent global oil prices surging while Iran continues to profit from Strait of Hormuz control

Trump’s war, now in its fifth week, has effectively closed the Strait of Hormuz, through which up to 20 percent of the world’s oil supply normally passes. While other Gulf states have seen their exports drop, Iran’s own oil tankers are still moving through the strait. Iranian officials have confirmed they are charging fees for safe passage, with one vessel reportedly paying around $2 million.

Gas prices in the U.S. have jumped sharply. The national average hit $3.96 per gallon this weekend, up from $2.97 when the war began. Brent crude rose nearly 2.5 percent to $107.92 a barrel, while U.S. crude jumped almost 3 percent to $102.57. Even after the war ends, prices will depend on the safe reopening of the Strait of Hormuz and repairs to nearby infrastructure.

Trump told reporters on Air Force One that Iran was sending the U.S. 20 “big boats of oil” as a “sign of respect,” calling them “a tribute.” He had previously mentioned 10 “massive” boats last week.

Trump has made several eyebrow-raising statements throughout this conflict, not unlike some of his most unusual remarks to investors. “I would only say that we’re doing extremely well in that negotiation,” Trump said, before adding, “But you never know with Iran, because we negotiate with them, and then we always have to blow them up.”

Trump also admitted he had expected the war to cause a worse oil crisis. “I thought that the energy prices, oil prices, would go up higher. I thought the stock market would go somewhat lower. But it didn’t matter to me. It’s short-term,” he said.

The Pentagon is reportedly preparing for weeks of ground operations in Iran, possibly involving Special Operations raids and infantry troops. When asked about this, Trump said only, “We’re weeks ahead of schedule with Iran.” Iran’s parliament speaker Mohammad Bagher Ghalibaf warned that U.S. troops would be set “on fire” if a ground invasion is launched, according to Iranian state media.

Trump also confirmed the U.S. was allowing a Russian oil tanker to head to Cuba. This comes as Trump continues making history in unusual ways, including his name appearing on every U.S. dollar bill for the first time. When asked if the delivery helped Putin, Trump said, “He loses one boatload of oil. That’s all it is. It’s fine.”