New Delhi, May 29 -- FOR HALF a century the Middle East's petro-monarchies have cast themselves as reliable suppliers of low-cost petroleum. The third Gulf war, now in its fifth week, has shattered that image. With the Strait of Hormuz largely closed, 15% of the world's oil cannot reach its customers. All Gulf states have slashed output and seen export proceeds plunge.

All bar one. As its tankers keep plying the strait (see chart 1), Iran is now earning nearly twice as much from oil sales each day as it did before American and Israeli bombs started falling on February 28th. It may be pummelled on the battlefield, but the regime is winning the energy war.

Working out how many barrels the world's greatest sanctions-dodger exports is hard....