Iran is earning nearly twice as much from oil sales each day as it did before the war started, despite being pummelled on the battlefield.
The country's oil machine has adapted to make it more resilient to strikes and sanctions, with most of the proceeds going to the Islamic Revolutionary Guard Corps (IRGC).
China is playing an active role in allowing the money to flow, with Iranian oil being sold at much higher prices.
The IRGC controls 25% of Iran's crude output and has tightened its grip on shipping, making it harder to dismantle the oil business from the air.
Iran's logisticians work hard to keep tankers out of harm's way, with emergency escape procedures in place.
The country's oil business rests on three pillars: salesmen, shipping and shadow banks, with the IRGC controlling most of the logistics.
Despite America's decision to waive sanctions on the sale of Iranian oil, Iranian tankers continue to use every trick available to conceal their cargo's provenance.
The buyers of Iranian oil are mostly small "teapot" refineries in China, which absorb over 90% of Iran's oil.
The teapots' margins are being crushed by the high prices of Iranian oil, but some state-owned refiners are considering buying Iranian oil under the American waiver.
The shadow payment system run by Iranian firms controlled by Iran's defence ministry or the IRGC allows them to weather shocks created by the war.
