Iranian crude oil prices have traded at a premium to Brent for the first time since 2022.

ME News, April 2 (UTC+8). According to data from Argus Media, after the United States temporarily eased some sanctions on Iranian oil, Iranian crude oil first began trading at a premium versus the global benchmark Brent crude since May 2022. On March 26, Iran’s main export-grade crude was priced at a premium of about $1 per barrel over Brent. Earlier this year, under comprehensive sanctions, its crude was discounted by about $10 per barrel. This shift shows that Tehran is benefiting from its control of the Strait of Hormuz. With Brent crude holding around $107 per barrel and global supply constrained, buyers are willing to pay a premium for crude that can still be delivered. By blocking the passage of Gulf oil producers while allowing its own cargoes to move, Iran has created shipping bottlenecks, pushing up global oil prices and boosting the relative value of Iran’s light crude. Tanker-tracking data shows that vessels linked to Iran still move through strategic waterways and unload from floating storage facilities. (Jin10) (Source: ODAILY)